Australia's MYOB says to raise up to $636 million in IPO

Australian accounting software maker MYOB Ltd said it plans to raise up to A$833.8 million ($635.69 million) in an initial public offering which is expected to be one of the country's biggest listings this year. The Melbourne-based owner of software used by 1.2 million businesses said in a listing prospectus on Tuesday that it planned to sell up to 277.2 million of a total of up to 633.4 million shares for between A$3 and A$4, while its current controlling shareholder, private equity firm Bain Capital, would keep the rest. The sale would give the company a market capitalization of up to A$2.3 billion, MYOB said, more than double the A$1.2 billion that Bain paid when it bought it from Australian buyout group Archer Capital in 2011. Bain had until recently considered a trade sale for its first Australian exit and its decision to list MYOB confirms its faith in Australian equities, which have risen 9 percent so far in 2015 despite sharp declines in the resources sector and a growing national deficit.



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