Australian non-bank lender launches $580 million IPO

After failing to find a private equity buyer, the founder of RAMS Home Loans chooses to list his billion-dollar mortgage lending business.

One of AustraliaƆs largest and most successful non-bank mortgage lenders is to list on the local stock exchange via an initial public offering arranged by UBS. RAMS Home Loans released its prospectus yesterday outlining a retail and institutional offer of 353.8 million shares at an offer price of A$2.50 each to raise a total of A$695.3 million $580 million.

The offer opens on July 13, with trading in the shares expected to commence on July 31.

The move...

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