Breakingviews - Greed and gloom sink KKR’s Aussie lender IPO
Aussie backers are learning the hard way that greed and gloom don’t mix. U.S. private equity firm KKR and other investors have scrapped a second attempt to list Australian lender Latitude, after buyers rejected a $2.1 billion valuation. Even after a last-minute price cut, the discount to big banks was too modest. Debt-laden households, struggling with flat wages and precarious jobs, hardly helped.