Freehills, Clayton Utz and Sullivan & Cromwell are advising on the much-anticipated Myer IPO, a spokesperson for Myer has confirmed.  Freehills' involvement will come as no surprise, with partner Rodd Levy having previously advised ColesMyer on its A$1 billion buy back program in 2006.

The department store giant, currently owned by a private equity group headed by US-based TPG, reportedly plans to raise up to A$2.3bn in an offering which will be the largest listing on the ASX in three years.

Clayton Utz partners Greg James and Stuart Byrne are advising the joint lead managers.

The recent IPO drought was broken last month by the A$248m Carsales.com float and all eyes will following the progress of the Myer offering, which will provide some indication as to whether there is genuine investor appetite for what some are predicting will be a new wave of Australian IPOs.

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