(Bloomberg) — Latitude Financial Group Ltd., an Australian non-bank consumer lender, started gauging demand for its initial public offering, which could raise about A$1.04 billion ($706 million).

The company’s shares are offered at A$1.78 each, giving it a valuation of around A$3.2 billion, according to terms of the deal obtained by Bloomberg. The offer price was below an initial indicative range of A$2 to A$2.25.

Latitude’s offering would be Australia’s biggest this year, surpassing Magellan High Conviction Trust’s A$862 million IPO priced in August, according to data compiled by Bloomberg. Companies have raised A$5.5 billion via first-time share sales in Australia so far in 2019, compared to A$7.5 billion raised for the same period last year, the data shows.

The company is expected to wrap up gauging demand of institutional investors by the end of Tuesday, with trading scheduled to start on Friday. Goldman Sachs Group Inc (NYSE:)., Macquarie Group Ltd. and UBS Group AG are lead managers of the deal.

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