1 Nov 2009

Myer to list on Australian market on Monday

6:27 am on 1 November 2009

Australia's largest department store chain, Myer, is to float on the Australian sharemarket on Monday, with an expected market value of $A2.4 billion.

It will be the country's biggest initial public offering in two years.

In a statement on Thursday, Myer said its private equity owners TPG Capital and Blum Capital had sold out their entire stake in the IPO at $A4.10 each.

TPG and Blum bought Myer for $A1.4 billion from Coles Group in 2006. The ABC reports they spent more than $A370 million in updating logistics operations and renovating stores.

Myer has 65 stores across Australia and claims 3 million shoppers pass through its doors per week.

Outdoor clothing and equipment retail Kathmandu will be listed on both the Australian and New Zealand share markets on November 12, in a deal expected to raise between $NZ338 to $NZ457 million.