Mortgage broker Australian Finance Group has raised $122 million for its initial public offering, after the float priced at $1.20 a share on Tuesday.
AFG is expected to begin trading with a $257.8 million market capitalisation on Friday.
Sources told The Australian Financial Review Street Talk column that bookrunner Macquarie and AFG's existing shareholders closed the raising at $1.20, which was the bottom of the $1.20 to $1.38 a share range.
The price implied 14.4-times forecast proforma net profit for the 2015 financial year.
It represents 13.1-times 2016 financial year forecasts.
AFG is majority owned by founding shareholders including managing director Brett McKeon and directors Malcolm Watkins and Kevin Matthews.
Macquarie Bank also has a 9.9% stake.
Macquarie is lead manager, while Morgans Corporate is co-manager.
Herbert Smith Freehills was legal adivser to AFG.