After months of speculation, accounting-software company MYOB may launch its $3 billion IPO as early as Tuesday.
According to The Australian the company’s private equity owner Bain Capital intends to raise between $700 million and $800 million to repay debt.
It’s likely to be one of the largest listings this year and will deliver fresh capital to the company which is undergoing a significant transition from desktop-based offerings to a cloud accounting company.
Pre-market research released earlier this month asked fund managers to value MYOB in line with US giant Intuit which has a market cap of about $27 billion.
Citi analyst Justin Diddams estimated MYOB was worth between $2.4 billion and $2.8 billion.
Diddams estimated MYOB’s revenue would grow 8% to $323 million and EBITDA to grow 17% to $150.6 million in the 2015 financial year. Much of the growth is expected to come from the company’s push into cloud-based accounting software options.
The software company has listed four brokers – Bank of America Merrill Lynch, Citi, Goldman Sachs and UBS – to handle the listing which is expected to take place at the end of April.
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