ASIC has raised questions over MYOB's IPO documents

MYOB CEO Tim Reed.

Australian corporate watchdog ASIC has raised “disclosure concerns” over MYOB’s prospectus documents ahead of the accounting software company’s $830 million IPO next month.

MYOB declined to comment on what ASIC was looking into but said it wasn’t unusual for companies to be required to lodge revised documents. The company would not comment on whether it had been asked to do that. It’s understood that MYOB isn’t too concerned about the questions raised.

On Tuesday ASIC extended the MYOB prospectus exposure period by seven days. ASIC has declined to detail the concerns it had raised.

“I can confirm in our review of MYOB’s prospectus, we have raised disclosure concerns but unfortunately I can’t go further into specifics,” an ASIC spokesperson told Business Insider.

The watchdog usually considers whether the information about the offer helps retail investors make informed decisions including whether financial information included in prospectuses are accurate.

According to an ASIC report released in February the body raised disclosure concerns with over a third of the documents lodged between July and December. Of those concerns over 75% of the documents had changes made to them. The key concern ASIC responded to was financial information which was not sufficiently complete.

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