Latitude Financial is believed to be contacting analysts at investment banks this week to begin work on research for a revised initial public offering.
Mandated for a possible float by Christmas are Goldman Sachs, Macquarie Capital and UBS.
It is understood that the plan is to be ready to launch an IPO by late October or early November.
Analysts research is expected to be circulating in the market around early October, allowing for some weeks for the analysts to be briefed on the business.
The possible float of the non-bank lender coincides with its promotion this week of its new buy now pay later payment system to take on market darling Afterpay.
LatitudePay has been adopted by retail powerhouse Harvey Norman, and the retailer will offer the interest free service for purchases under $1000 as its sole buy now, pay later platform.
Should an IPO proceed, Latitude will likely be the largest float this year at a time that market conditions for listings are somewhat subdued against a backdrop of softer retail sales and a weak economic outlook.
Any company eager to hit the boards by Christmas need to be well prepared, with the IPO window considered shorter than in the first half of the year due to the fact that fund managers are preoccupied with companies reporting their annual results during August.
When Latitude was to list last year, the expectation was that the business would be worth about $5bn and while its current value is unclear, it is thought to be worth $2bn at least.
Owners of the lender include Kohlberg Kravis Roberts, Varde Partners and Deutsche Bank.
Deutsche had earlier been working on the IPO but is no longer counted among the joint lead managers after a recent global announcement from the bank that it would shut down its equities division.
Latitude comprises the assets of the former Australian GE Capital consumer business and was acquired by the consortium in 2015 for a price including debt of $8.2bn.
Run by Ahmed Fahour, the business offers consumer finance through a variety of services, including personal loans, credit cards, car loans, personal insurance and interest free retail finance.
As of 2018, the company had a 6 per cent market share of Australia’s personal lending market and is the country’s largest non-bank lender in the consumer credit space.
The company began as the Australian and New Zealand personal finance and motor dealer finance operations of AGC, Australian Guarantee Corporation, which GE Capital purchased from Westpac in 2002.
Pepper Australia will list next year, advised by Citi, Reunion Capital and probably Macquarie Capital.
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