Tuesday, March 31, 2015

MYOB Shares To Float Again

MYOB lodged its IPO Prospectus with ASIC today. The Accounting Software company is seeking to raise over $800 million in the share offer and at the planned offer price of $3 - $4, would have a market capitalization of around $2.5 billion.

According to the company's announcement to the ASX today, the proceeds will go to paying down debt and meeting the costs of the initial public offering. The current owners - Bain Capital - will hold onto their stake in the company and will hold 57% of MYOB shares after a successful listing.

MYOB was originally listed on the ASX back in 2000 before being taken private by private equity firm Archer Capital back in 2009. Since then the business has been sold onto Bain Capital who are now looking to float the shares once again.

The MYOB share offer will be open to both retail and institutional investors.
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