Myer

Myer, which was purchased by a consortium led by private equity group TPG and the Myer family in 2006 for $1.4 billion, plans to lodge its prospectus on 28 September.

Myer has refused to give further details on the float, but analysts are tipping the company will be valued between $2.5 billlion and $3 billion.. Myer's great rival David Jones has a market capitalisation of around $2.5 billion.

The announcement of the float coincided with the release of its 2008-09 profit results, which indicate the company's turnaround is gathering momentum. While full-year sales fell 1.8% to $3.261 million, net profit for the financial year to 25 July was $109 million, up 14.8% on 2008 and ahead of forecasts.

Earnings before interest and tax increased 10.6% to $236 million.

Myer plans to add 15 new stores to its 65-store network by 2014, with two stores currently under construction. The company will also look to push more sales through its Myer One loyalty program, which currently has 3.1 million members and accounts for 63% of Myer sales.