Myer Department Store

Myer Department Store

Carla Gottgens/Bloomberg

The Australian IPO drought started after the November 2009 share sale of retailer Myer Holdings Ltd. by private-equity firms TPG Capital and Blum Capital. While the investment in the chain generated a $1.3 billion profit for TPG, according to a person with knowledge of the matter, IPO buyers were less fortunate: Myer’s stock has never traded above its A$4.10 offer price.