Dick Smith is officially up for grabs, with private equity group, Anchorage Capital Partners, set to divest its entire stake in the consumer electronics retailer.

Dick Smith was yesterday confirmed to have appointed Goldman Sachs and Macquarie Capital to explore its options, including a sale and public listing.

The Australian Financial Review is now reporting that Anchorage Capital, which bought the retailer just one year ago, will divest its entire stake.

Dick Smith is set to be floated, with its initial public offer (IPO) to value the chain somewhere between $550 million and $620 million.

Anchorage Capital’s principle, Phil Cave, will commit a substantial amount of his own money to the retailer’s IPO.

The group bought Dick Smith from Woolworths in September 2012 for $20 million, plus a proceeds buyout of $74 million.

Dick Smith made $80 million before interest, tax, and depreciation in the year to June.

CEO Nick Abboud this week flagged a significant expansion plan of 30 stores under a new banner or store concept.

Dick Smith last month struck an exclusive deal with David Jones to run the department store’s electronics business.