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MYOB has lodged a prospectus for an initial public offering and listing with the ASX, valuing the software company at between $2.34 billion and $2.69 billion.
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MYOB reveals price range, dates for IPO
01 April 2015
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The offering to both retail and institutional investors is expected to raise between $831.7 million and $833.8 million in total proceeds, based on an indicative price range of $3.00 to $4.00 per share.
Bain Capital, MYOB’s current majority owner, will not sell any of its shares in the offering and will retain approximately 57 per cent of the total issued capital in the company following the listing.
Bain Capital has entered into an escrow arrangement in relation to its shares.
The final price will be announced to the market on 1 May 2015, with initial trading on the ASX expected to begin on 4 May 2015.
Justin Milne, MYOB chairman, said the IPO will position the company to carry out its growth strategy and build on its current position in the accounting software market.
"The return of MYOB to the ASX after six years of private ownership represents a great opportunity for both shareholders and our clients,” Mr Milne said.
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“MYOB is a market leader within each segment it operates, and the company continues to innovate in its key markets of Australia and New Zealand.”
A statement from MYOB said the offer is being conducted to raise capital to reduce some existing liabilities (including senior debt and mandatory redeemable preference shares); to allow management shareholders to partially monetise their investment; and to provide MYOB with access to the capital markets to improve capital management flexibility.
Citigroup Global Markets Australia Pty Limited, Goldman Sachs Australia Pty Ltd, Merrill Lynch Equities (Australia) Ltd and UBS AG, Australia branch have acted as joint lead managers to the offer, with Reunion Capital acting as its financial adviser. Clayton Utz is MYOB’s Australian legal adviser. MYOB is also being represented by Ropes & Gray, Hong Kong, on certain matters of US federal and New York state law.
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