Medibank Private float raises $5.679b
The float of health insurer Medibank Private has exceeded expectations by raising $5.679 billion for the Federal Government.
The government said the funds would be "re-invested in job-creating infrastructure".
Retail investors, who will hold 60 per cent of the company when it floats, will pay $2 a share, a 7 per cent discount to the $2.15 paid by institutions.
Those who applied for the minimum $2000 worth of shares will get their full allocation with others being scaled back because of strong demand.
A progressive scaling policy has been applied to the general public offer, policyholder offer and employee offer to ensure all applicants have been allocated shares, with larger applications being scaled back more than smaller applications.
More than half of general public offer, policyholder offer and employee offer applicants will receive at least 80 per cent of their application.
Eligible Medibank Private policyholders have been allocated 33.2 per cent of shares allocated under the retail offer, excluding the broker offer.
Medibank Private will list on the ASX on Tuesday at 9am Perth time.
Its ASX code will be MPL.
The government said proceeds from the sale wouls be re-invested into productivity enhancing job creating infrastructure through the Government's Asset Recycling Initiative.
