Investors cautious on Debenhams return

Debenhams shares were priced at the bottom end of expectations today as the retailer returned to the market after an absence of more than two years.

The stock began trading at 195p – giving Debenhams a market value of £1.67bn (€2.4bn) – before moving to 201p as investors gave the chain a cautious welcome following its delisting in a private equity takeover in late 2003.