Myer seeks to raise US$2bil in share offer

MELBOURNE: Myer, Australia’s largest department store chain, plans to raise up to US$2bil in a share offering that will test investor appetite for retail stocks and may encourage other IPOs in the sector.

Myer, which was taken private by US private equity firm TPG in 2006, said in its prospectus yesterday that it would offer up to 499.5 million shares at A$3.90 to A$4.90 each.