Ropes, Sullivan & Cromwell Lead MYOB's $636M IPO
Bain Capital is selling some of its shares in the Australian enterprise software company four years after buying it from Archer Capital for $1.3 billion.
April 06, 2015 at 12:06 AM
1 minute read
Ropes & Gray and Clayton Utz are advising Melbourne-based enterprise software maker MYOB Group Ltd. on its expected $636 million initial public offering.
MYOB, which makes accounting and business management software, is raising money to pay down debt and allow majority shareholder Bain Capital to realize profits on its $1.3 billion acquisition of the company from Australia's Archer Capital in 2011.
According to Reuters, the IPO is expected to be one of Australia's largest listings this year as investors sit on the sidelines because of a slowing Chinese economy, declining commodity prices and an expected interest rate hike in the U.S. In 2014, the country had its biggest-ever year for IPOs at $15 billion, with Medibank Private Ltd.'s offering topping the list at $4.8 billion.
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