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Domestic advisor Reunion Capital Partners and
Bank of America Merrill Lynch, Citigroup, Goldman Sachs [GSGSC.UL]
and UBS plan to run a bookbuild after lodging the prospectus
with regulators, the people said on Monday.
The people are working on the deal, expected to be one of
Australia's biggest IPOs this year, but asked not to be named
because of the sensitivity of the matter.
Lodging a prospectus would confirm U.S. private equity giant
Bain's faith in the Australian share market for its first major
asset ownership sale in the country. Bain had kept its options
open for cutting its MYOB investment, including the possibility
of a trade sale.
Bain, which paid A$1.2 billion for MYOB in 2011, plans to keep a
significant portion of the tech firm, one of people said. While
likely to be a marquee deal for Australia this year, the listing
is likely to be far smaller than last year's biggest IPO, the
A$5.7 billion sale of health insurer Medibank Private Ltd.
Australia in 2014 had its biggest-ever year for new listings,
with $15 billion raised in IPOs, as company owners, including
private equity firms, focused on a buoyant share market for
offloading assets.
But IPO activity has been subdued so far in 2015, echoing
investors' caution amid unfavorable macroeconomic factors like
slowing Chinese growth, sliding commodity prices and an imminent
U.S. rate hike. The Australian benchmark index has fallen 3.5
percent since March 3.
MYOB was not immediately available for comment. A Bain
spokesperson was also not immediately available for comment.
($1 = 1.3123 Australian dollars)
(Reporting by Byron Kaye; Editing by Stephen Coates and Kenneth
Maxwell)
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