Candice Cooke, Australia
Reach Capital
Latitude Financial Services (ASX: LFS) make long anticipated ASX debut raising $200 million
Instalments and lending business Latitude Financial has debuted on the ASX with a market value of $2.6 billion after raising approximately $200 million through an initial public offering.
On March 31, Latitude Financial Services announced an initial public offering of approximately 76.9 million shares at an Offer price of A$2.60 per share. These shares represented 7.7% of total shares upon completion.
The long-awaited debut took off, climbing 15 percent to peak at $2.99. At one point it was pushing $3Bn in market capitalisation before settling back to $2.70 at closing.
The successful listing was the third attempt made by the company. The final offer was significantly scaled back and restructured from earlier attempts with the Issuer seeking the right market conditions and quality from the bookbuild.
