Running one of the largest IPOs of the year takes its toll, according to Tim Reed, CEO of accounting company MYOB.
The firm re-listed on the ASX in May, raising $833 million in the process.
Reed has opened up about the “gruelling” process in an interview with The Australian.
He explained for the six months ahead of the listing, he had to hand over the company to his management team while he dealt with the IPO.
Over 16 days MYOB did 200 meetings with fund managers across 10 cities, numbers that show just how insane the period was.
To keep his sanity, there was one habit Reed said he managed to maintain — he switches off his phone each night when he puts his kids to bed.
Shares in the company are currently trading below the IPO price of $3.65, at around $3.40. Bain Capital has kept a 58% shareholding in MYOB, but according to Reed, it’s not an ownership structure which will remain forever.
“Bain are a private equity firm, and private equity firms work with management to improve the business, and then they eventually sell. So they will sell, but their shares are locked down for at least another 12 months,” Reed told ZDNet.
So even though Reed is back running the day-to-day at MYOB, it looks like there’s still a lot to consider on the investment side.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.