MYOB to re-list on ASX in May

Accounting software company MYOB has filed to re-list on the ASX in early May via an IPO of new shares.

MYOB has filed a prospectus with ASIC announcing its plan to seek listing as a publicly traded company, CEO Tim Reed said in a blog post.

The company was listed on the ASX from 1999 to 2009 when it was bought out by a private equity consortium. Hong Kong investment group Bain Capital subsequently acquired MYOB from the consortium for $1.2 billion in August 2011.

Bain Capital does not plan to sell any shares during the IPO and is expected to retain a roughly 57% stake following the offer.

“As a private company we’ve been able to pursue critical business initiatives which have made us a more competitive company,” Reed said. “Now is a unique and opportune time for us to re-enter the public markets.”

Proceeds from the IPO will be used to pay down some of the company’s debt, he said. As part of the listing process, the company has named a new six-member board.

Reed said MYOB currently has over 116,000 clients using its cloud-based accounting software, as well as more than 1100 employees across Australia and New Zealand.

Image courtesy of Alpha under CC