Myer completes IPO at $4.10 per share
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Thursday, 29 October, 2009 - 15:27
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.
Companies: