Posted on 1-May-2015 14:15.
Filed under: News
MYOB Group Limited has successfully completed the institutional bookbuild for its initial public offer yesterday. The Final Price was determined at the conclusion of the bookbuild and is $3.65 per Share.
MYOB Chairman Justin Milne noted the strong demand for the company’s shares from a range of investors. “I am inspired by the great support we have received from investors around the world, including local institutions in Australia as well as US 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.”
Tim Reed, Chief Executive Officer of MYOB, said: “Listing on Monday will be a proud day for the whole MYOB team. 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.
“By focusing our R&D on Australia and New Zealand, we believe our cloud solutions are an excellent fit for businesses and accountants in this exciting market segment,” he added.
Craig Boyce, MYOB director, said: “It has been a privilege to work with the team at MYOB over the last 3.5 years. Bain Capital prides itself on building great businesses such as MYOB, possessing a well-known brand with innovative products and leading market share, led by an experienced management team in an exciting and dynamic industry. As a Director, I am eager to continue supporting the growth of this iconic, Australasian, cloud-driven technology business with our new shareholders.”
MYOB's largest shareholder, Bain Capital will retain approximately 58% of MYOB, reflecting its continuing support for the company.
MYOB’s Shares will trade under the code MYO and are expected to commence trading on the Australian Securities Exchange on Monday, 4 May 2015 at midday Sydney time on a conditional and deferred settlement basis.