Ahead of MYOB’s listing on the ASX on Monday, the final numbers are in.
The accounting software company raised $833.1 million at $3.65 a share and is expected to list on Monday with a market cap of $2.1 billion. It raised on a 16 times enterprise value, on forecast revenue for the 12 months to June 2016.
MYOB Chairman Justin Milne said the company received strong support from Australian and international investors.
“We saw a significant level of participation from Eligible Retail Noteholders in the offer, with approximately 57% of holders exchanging their notes into shares. We see this wide range of investor interest as a strong vote of confidence in MYOB,” he said.
This will be the second time MYOB has listed on the ASX. The company was taken private by Archer Capital in 2009 before it was sold to Bain Capital in 2011 for $1.1 billion.
Company CEO Tim Reed said: “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. 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’s largest shareholder, Bain Capital will retain approximately 58% of MYOB for now. The AFR reported Bain could’ve priced the deal higher (the original range was between $3 and $4 a share) it potentially wants to sell out in a few years, and was concerned how shares would trade after listing so opted for more conservative pricing.
MYOB’s shares will trade under the code MYO and are expected to commence trading on the ASX from midday Sydney time on Monday.