Shares in MYOB jumped 7% to $3.92 as the accountancy software vendor re-listed on the ASX at midday today.
Bain Capital, which kept a majority shareholding, raised $833 million in the float by selling shares in the accountancy software business at $3.65 each. The cash will be used to pay down debt.
This is the second time the accounting software company has been listed on the ASX. MYOB was taken private by Archer Capital in 2009 before being sold to Bain Capital in 2011 for $1.1 billion.
MYOB has a 65% market share and 1.2 million users despite strong competition in the accountancy software sector from challengers such as Xero and Intuit.
Its shares were trading at $3.88 a short time ago.
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