Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

MYOB valued at over $2.5bn

MYOB has completed the institutional bookbuild for its IPO, with the final price set at $3.65 per share.

News Staff Reporter 04 May 2015
— 1 minute read

The total proceeds from the IPO were $833.1 million, with MYOB’s largest existing shareholder, Bain Capital, retaining approximately 58 per cent of the company.

Advertisement
Advertisement

The pricing gives MYOB an implied enterprise value of $2.57 billion.

Tim Reed, chief executive officer of MYOB, said listing on the ASX will be a proud moment for the whole MYOB team.

“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," Mr 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."

MYOB chairman Justin Milne added that he was pleased with the strong demand for the company’s shares shown by a range of investors.

“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," he 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.”

 

MYOB valued at over $2.5bn
image intro
accountantsdaily logo

 

Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more

News