Myer, the Australian department store group majority owned by buy-out group TPG, said it expected to have an equity market value of up to A$2.8bn (US$2.4bn) when it floats on the Australian Securities Exchange in November.

The group, which published its prospectus on Monday, said it planned to raise gross proceeds of between A$1.94bn to A$2.34bn from its initial public offering, the largest in Australia since 2007, with shares to be priced at between A$3.90 and A$4.90.