EDITED BY SARAH THOMPSON, ANTHONY MACDONALD AND GRETCHEN...

EDITED BY SARAH THOMPSON, ANTHONY MACDONALD AND GRETCHEN FRIEMANN
The initial public offering window is wide open, and
fund managers and equity capital markets bankers expect a bumper few months for new listings.
But not every candidate will have their house in order by the December 31 deadline. One laggard is understood to be foreign currency broker Pepperstone, which has investment banks Citi and UBS preparing an ASX listing.
As Street Talk reported in August, Pepperstone needs to finalise its Japan strategy before it seeks a listing. And it’s understood that strategy will not be ready in time for a near-term float, and expectations have shifted t o a 2015 deal.
According to a presentation delivered to potential investors in May, Pepperstone makes 40 per cent of its revenue in the world’s largest retail foreign exchange market, Japan.
However, it does so without a Japanese licence. Pepperstone told potential investors it was investigating ways to obtain a licence in Japan, including a small acquisition.
The Australian Financial Review