Myer completes IPO at $4.10 per share

Department store group Myer has completed its public share offer at a price of $4.10 per share, towards the bottom end of its indicative pricing range of $3.90 to $4.90 per share.

The market has been watching Myer's IPO as a guide to investor appetite for big capital raisings.

The private equity groups that currently own Myer, TPG and Blum Capital, have decided to sell all of their shares "to satisfy some of the excess demand", the company said in a statement.

Based on the final price,Myer will have a market capitalisation of $2.4 billion.

The share price represents a multiple of 15.1 times forecast pro-forma net profit after tax.

The shares will commence trading on Monday after listing on the ASX.