KKR consortium cancels biggest Australian Latitude IPO, says report

US private equity firm KKR & Co and its partners have cancelled what was expected to be the biggest Australian IPO of the year, the listing of their lender Latitude Financial, two sources told Reuters.

In what was to be their second attempt at listing in just over a year, KKR, Deutsche Bank and Varde Partners, decided to cancel the expected A$1 billion ($676.20 million) offering on Tuesday, because a large proportion of demand for shares was coming from hedge funds rather than desired long-term investors, the sources said. The sources had direct knowledge of the situation but asked not to