Australian account software company MYOB Ltd has raised $833m in Australia’s largest initial public offering so far in 2015. The company sold around 228.3m shares at a price of $3.65 per share. Its target range for the price per share was between $3 and $4 per share. This would give the company a market capitalisation of around $2.13bn. The implied enterprise value has been estimated to be around $2.57bn. Its current owner, the US-based Bain Capital, will hold onto a 57 per cent stake valued at around $1.12bn. Company managers will retain a 3 per cent stake in the company valued at around 63m. Citigroup Global Markets Australia Pty Ltd, Goldman Sachs Australia Pty Ltd, Merrill Lynch Equities Australia Ltd and UBS AG were joint lead managers on the deal. Australian firm Reunion Capital was a financial adviser.
In 2011, Bain Capital bought MYOB from the Australian private equity firm Archer for around $1.2bn. Now the company will return to the ASX in a public listing. 226.1m shares of the IPO will be newly issued, while 2.2m are existing shares. At the completion of the public offering the total number of shares will equal 584.5m shares. MYOB chairman Justin Milne commented on the success of the IPO, “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.” The company’s shares will trade with the stocker ticker MYO and is expected to commence trading on Monday, 4 May 2015 at 12pm.