Australia's Myer shares debut at 5.4 pct discount

MELBOURNE, Nov. 2 (Reuters) - Australian department store chain Myer Holdings Ltd's (MYR.AX) shares began trading on Monday at A$3.88, or 5.4 percent below the A$4.10 offer price set in Australia's biggest public float in two years.

The shares were at A$3.87 at 0101 GMT, hit by the global slide in stockmarkets.

The price had already been pushed to the bottom end of an indicative range in the A$2.2 billion ($2 billion) float by market turbulence over the past week and fund managers' disdain for rich valuations.

Myer's float is widely seen as a test for a rush of private equity firms wanting to exit their retail holdings, including camping and outdoor clothing chain Kathmandu, which has launched a A$374.9 million IPO, and Rebel Sports chain owner Ascendia, which aims to launch in the new year.

Shares in Myer's main rival, upmarket department store chain David Jones Ltd (DJS.AX) were down 1.3 percent. (Reporting by Victoria Thieberger; editing by Jonathan Standing)