MYOB raises $833.1m with IPO

Company set to return to the ASX

MYOB is set to return to the ASX, selling 228.3 million shares at $3.65 in the company’s IPO.

The company raised $833.1m, giving it an implied market capitalisation of $2.13 billion and implied enterprise value of $2,57 billion.

Bain Capital will retain 58 per cent of the company.

“I am inspired by the great support we have received from investors around the world, including local institutions in Australia as well as US investors,” MYOB chairperson Justin Milne said.

“We saw a significant level of participation from eligible retail noteholders in the offer, with approximately 57 per cent of holders exchanging their notes into shares. We see this wide range of investor interest as a strong vote of confidence in MYOB.”

“In the past six years as a private company, we’ve transformed MYOB into a wonderfully innovative business that continues to focus on the needs and challenges of SMEs,” the software company’s CEO, Tim Reed, said.

“We will welcome our new investors to participate with us in our growth as more and more small businesses head to the cloud to manage their accounts.”

ASX trading in MYOB shares is set to begin on 4 May under the code MYO.

In March MYOB outlined the timing of its return to the ASX.

MYOB was listed on exchange from 1999 to 2009.

A consortium led by Archer Capital took it private, and then in 2011 MYOB was acquired by Bain Capital for $1.2 billion.

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