Latitude Financial Group's prospectus, launched yesterday, aims to sell a picture of a company that is well positioned for growth. But what emerges from the offer document is a business that has focused on efficiency, rather than growth or innovation, under its private equity owners. And its modest growth in receivables and income is a reflection of the low-growth consumer finance market it operates in.The company forecasts that gross loan receivables will have increased at a compound annual growth rate of 5.4 per cent between 2016/17 and the end of the current financial year. Operating income is forecast to grow at 4 per cent a year over the same period. Latitude is offering 622 million shares to investors. With the price expected to be between A$2 and $2.25 a share, the company is aiming to raise between $1.24 billion and $1.4 billion.The broker firm offer opens on October 4, with the bookbuild to determine the final price.With a total of 1.77 billion shares on issue at the completion of the offer, the company's market capitalisation will be between $3.55 billion and $4 billion.The current owners, KKR, Varde Partners and Deutsche will continue to hold around 55 per cent of the company. Chief executive Ahmed Fahour will hold 12.6 million shares.The bulk of the proceeds of the IPO, $930 million, will be used to repay shareholder loans.According to the prospectus, the company has 2.6 million customer accounts (1.9 million of them active) and more than 1950 merchant partners in Australia and New Zealand. Merchant partners include Harvey Norman, Apple and JB Hi-Fi.The company says it has a diverse funding profile, with $1.4 billion of undrawn facilities.The product range includes instalment payment products, credit cards and personal and motor loans. It also has a consumer credit insurance business, Hallmark.Latitude was formerly owned by GE Capital, which built a consumer finance business in Australia and New Zealand more than 20 years ago by acquiring Australian Guarantee Corp from Westpac, Avco Financial, Nissan Finance and Coles Myer store card. GE sold the business to its current owners in 2015.Most of those acquisitions and product launches were in the 1990s and early 2000s. The company has not been as active in terms of product development and acquisition in recent years.Under its current owners, it has expanded its funding base, increased its online capability and rebranded. The prospectus says: "Latitude has invested significantly in its technology and systems since 2015. It has implemented new systems which are integrated across front end and back end technology platforms."The focus has been operational efficiency. It has retired legacy technology systems, closed down its branch network, reduced headcount and renegotiated service contracts.The company believes it is well positioned to participate in growth in the interest-free instalment payment market. Australian consumers used its products to make one million interest-free transactions in the year to June.The financial statement in the prospectus shows the company provided $9.2 billion of finance during the year to June - up from $8.8 billion in 2017/18.The value