Financial Post reported Steve Hudson, the former founder of Newcourt Credit Group, is returning to the public capital markets.

According to the report, Mr. Hudson plans to list Element Financial Corp., an equipment-leasing company, on the Toronto Stock Exchange after raising $175-million of equity in private placements with institutional shareholders on Friday.

GMP Securities L.P. and Barclays Capital Canada co-lead the offering that raised more than the $150-million originally targeted. BMO Capital Markets, CIBC World Markets and National Bank Financial are also in the syndicate. At the same time, Toronto-based Element lists Manulife Financial Corp., Canada Life, Sun Life Financial, Stonebridge Financial Corp. and Equitable Life of Canada as partners.

The report indicates the Element’s going public via a reverse takeover is the second major transaction during the past year. In August, the company announced plans to acquire substantially all the assets of Alter Moneta, a Montreal-based equipment-leasing company catering to middle-market businesses.

As reported, Mr. Hudson’s return to the equipment-leasing business after he was forced to resign as part of the deal that saw Newcourt, sold to New Jersey-based CIT in a stock swap for $2.8-billion in 1999.