Bain is hoping to raise up to $833.8 million in what could prove to be the largest float of 2015 through the partial sell-down of equity in the company. It will sell shares at $3 to $4 each and will retain a controlling 57 per cent stake.

The float will be the largest sell-down by private equity group since TPG Capital and Carlyle Group sold shares in private hospital operator Healthscope's $2.25 billion offering last year.

Pacific Equity Partners also sold stakes in cleaning-services provider Spotless Group and hygiene-products distributor Asaleo Care through IPOs last year.

MYOB provides bookkeeping, accounting and payroll software and services for about 1.2 million businesses, according to its website.

The release of its prospectus came as the New Zealand accounting software upstart Xero disclosed it has doubled its Australian client base to 200,000 paying customers over the past 12 months as it ramps up its market position

MYOB shares are scheduled to start trading on the ASX on May 4.

Bain bought MYOB from buyout firms Archer Capital and HarbourVest Partners in 2011 in a deal valued at about $1.2 billion. It faced competition from rival bidders such as UK accounting software developer Sage at that time.

MYOB shares had earlier been traded on the sharemarket, before being taken private in 2009 in a deal which valued the company at around $500 million.

Craig Winkler, who ran MYOB when it was previously listed on the sharemarket, has taken a large stake in Xero, which is worth $3.2 billion on the sharemarket.

Agencies