(Adds background on Keypath's financials, Nuix) June 2...

(Adds background on Keypath's financials, Nuix)

June 2 (Reuters) - Keypath Education International Inc (KED) slumped as much as 8.4% in its Australian market debut on Wednesday, the latest Macquarie-led (MQG) initial public offering (IPO) to underperform after its listing.

Shares of the Chicago-based company that offers online educational courses for universities were down as far as A$3.40, before recouping some ground to trade at A$3.5 — still around 5.7% below its IPO price of A$3.71.

The IPO was seen by some as a test for Macquarie after it and Morgan Stanley brought Nuix Ltd (NXL) to the market in December to a stellar debut, only for the software provider to now trade at less than half its IPO price following a second downgrade to revenue forecasts.

Other recently-listed companies have also struggled since their debuts, such as online retailer Adore Beauty Group (ABY) , which trades around 40% lower than its IPO price.

Keypath is yet to turn a profit since its founding in 2014, and forecasts losses in both fiscal 2021 and 2022, according to its prospectus.

Around 45% of the company's revenue comes from Australia, where universities are under intense pressure from border closures due to the pandemic that has made it difficult for international students - a key source of income - to return.

About a third of the A$212.1 million ($164.72 million) raised in the IPO has been earmarked, according to the prospectus, for potential growth. Keypath said it is eyeing opportunities to expand in Southeast Asia. ($1 = 1.2877 Australian dollars)