Just over two years since the group was taken private, Debenhams has asked four banks to pitch for a review of the company's options and strategy ahead of a possible flotation.
Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse are believed to have put in proposals to handle a return to the stock market.
If the flotation goes ahead it will be one of the biggest this year.
In December 2003, a private equity consortium paid£1.7 billion for the business. Since then, chief executive Rob Templeman has improved operations and increased profits. Debenhams declined to comment this morning.
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