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.

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So why did Latitude fail on its second attempt to become a listed entity?

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