Financial and business software firm MYOB has filed documents with the Australian Securities and Investments Commission in order to seek a listing on the ASX.
MYOB was listed on the ASX from 1999 to 2009 when a private equity consortium led by Archer Capital completed a takeover bid for MYOB, returning it to private ownership.
In August 2011, MYOB was acquired by Hong Kong-based software investor Bain Capital from the consortium for $1.2 billion.
In a blog post, MYOB CEO Tim Reed said that now is a unique and opportune time for the company to re-enter the public markets.
“Over the course of the next month we will be communicating to the market on the progress we’ve made in the IPO process. Our intention is to list MYOB on the ASX in early May this year,” he wrote.
“I’m thrilled to say that through the IPO, Bain Capital will not be selling any shares. Instead we will be issuing new shares and using those funds to pay down some of our debt. I’ve never felt that we’ve been short on funds to invest in our business, but if anything going forward we’ll have more financial flexibility, not less.”
At completion of the IPO offer, Bain Capital will hold approximately 57 per cent of the total issued capital of the company.
The offering to retail and institutional investors is expected to raise total proceeds of A$831.7 to $833.8 million based on an indicative price range of $3 to $4 per share, valuing the company at a total enterprise value of $2.34 to $2.69 billion.
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