Latitude Financial - touted as the biggest initial public offer on the Australian market this year - has failed to get across the line.
The A$3.2 billion float ($3.43b) was originally pitched in a range of A$2.00 to $A2.25 but the offer faced considerable pushback from institutions.
Latitude - the company behind GEM Visa, whose advertising campaign was fronted by American actor Alec Baldwin - has a big commercial presence in New Zealand.
Independent research house Morningstar last week issued a downbeat report on the offer.
So why did Latitude fail on its second attempt to become a listed entity?