The Medibank Private Share Offer Has Raised $5.679 Billion

Aaron Chang/ Getty Images.

Medibank Private has announced its share offer has beaten expectations, raising almost $5.7 billion.

As a result the government has now set a final price for Medibank shares at $2.15 per share for institutional investors and $2.00 for retail investors.

While retail investors were allocated the majority of shares on issue, Finance Minister Mathias Cormann said the split was in line with previous privatisations.

“We felt it was appropriate to allocate 60 per cent to mums and dads across Australia to ensure that they can appropriately share in the future of Medibank,” he said at a news conference in Perth today.

“It’s obviously a win for Australian taxpayers because they have been able to release the capital that was tied up in Medibank”.

Cormann added that there was now a lot of opportunity for the business and it will be able to release the capital in “job-creating, productivity-enhancing infrastructure.”

Medibank Private will list on the ASX at 12.00pm AEDT on November 25, 2014, under the code of MPL.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.