The management team - John Lovering, Rob Templeman, Chris Woodhouse and Michael Sharp - has retained significant shareholdings and committed to keep them for at least one year.
The private equity backers - CVC, Merrill Lynch and Texas Pacific - which acquired Debenhams in 2003, have also retained a significant number of shares and will not sell for a least six months.
The company has floated with net debt of£1.2 billion.
The company said the shares have been placed with a broad base of institutional shareholders, following a series of roadshow meetings across the UK, Europe and the US.
Conditional trading began at 8am today and unconditional trading will begin on Tuesday.
Chief executive Rob Templeman said: 'We are pleased with the quality of Debenhams' shareholder register on the company's return to the stock market. The board and management team will now focus on delivering the plans to continue growing the business and look forward to the future with confidence.'
Debenhams is the second-largest department store chain in the UK, with 123 stores and a market share of 18.6 per cent.
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