U.S. private equity firm KKR & Co and its partners have lowered the IPO price of...
) and Varde Partners. The trio had filed a prospectus with the regulator last month valuing the finance company at between A$2 and A$2.25 per share.
Although some investors had already committed to buy about 35% of the shares on offer at the lower end of the range, KKR and its partners believed a lower price would achieve better support. Shares in the company would also have a better chance of trading higher on Oct. 18, when they start trading under the code LFS, the sources added.
It has about A$8 billion in gross loans to 2 million customers, primarily credit cards, personal loans and auto loans, and it plans to grow its digital and installment payment business, the prospectus says.While analysts and investors welcomed the move to lower the offer price, some said the discount was not big enough for the IPO to be considered attractive.
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