TPG Sells Entire Myer Stake in IPO

The Australian department store chain Myer Group has priced its initial public offering on the Australian Stock Exchange under the ticker "MYR" at AUD4.10 per share, valuing the company at AUD2.4 billion ($2.2 billion). The company's private equity backers, TPG Capital and Blum Capital Partners, sold their entire stakes to appease investors who expressed concerns about the firms holding a significant stake in the company following the offering.