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$833M Raising For MYOB Records Smashed

$833M Raising For MYOB Records Smashed

MYOB software is sold at several mass retailers as well as special IT dealers. 

Reuters said that the company sold about 228 million shares for $3.65 each, compared to its target range of $3 to $4 a share, said the source, who asked not to be named as the details of the sale had not been made public.

That would give the company a market capitalisation of about $2.1 billion, as its current owner, US private equity giant Bain Capital, keeps a 57 per cent stake and company managers hold another 3 per cent.

MYOB is expected to issue a statement in the next two hours.

In 2011, Boston-based Bain bought MYOB from Australian private equity firm Archer Capital for about $1.2 billion, its first major foray in Australia.

MYOB’s return to the sharemarket on Monday, the country’s largest IPO since health insurer Medibank Private in November, will be closely watched by investors anxious for cues on the outlook for an IPO market that has softened in 2015 as the sharemarket has become volatile.

Citigroup, Goldman Sachs, Merrill Lynch and UBS were joint lead managers on the offer, while Reunion Capital was financial adviser.