Accounting firm MYOB made a strong debut on the Australian stock exchange yesterday with shares jumping 7 per cent by mid afternoon.
The Australian-based accounting firm listed on the exchange at noon, with 228 million shares, or about 40 per cent of company equity, sold as part of the float.
Shares were sold at a listing price of A$3.65, which rose to A$3.92 before easing back to close at A$3.89, giving it a market capitalisation of A$2.3 billion.
Mind Your Own Business chief executive Tim Reed said he was proud of the company's progress.
Rival accounting software company Xero's chief executive, Rod Drury, took to Twitter to applaud the company, saying: "Congratulations @MYOB investment and competition is great for small business."