Shares in Medibank Private have hit $2.22 – an 11% premium on the price paid by retail investors and 7c higher than the price paid by institutions.
The float, raising $5.679 billion for the government to spend on new infrastructure, is the largest since Telstra and one of the largest IPOs in the world this year.
“I am looking forward to the judgment of the market,” said Finance Minister Mathias Cormann just before trading started and he rang the ASX starting bell.
Mum and Dad investors pay $2 for their shares while institutions had to fork out $2.15. This is a nice 7.5% benefit for mums and dads.