MELBOURNE: Medibank, Australian health insurer complete its stock market debut after raising A$5.679bn (£3.1bn; $4.9bn) in Asia’s biggest public offering in two years.
The Australian Securities Exchange was the biggest of a state owned asset in 18 years. Shares first traded at a premium of A$2.22, compared to A$2.15 that institutional investors had paid and A$2 that retail investors paid.
Further the move was part of the government’s plan to sell A$130bn in assets. Traders had said shares would sell 13% higher than the price that 440,000 retail investors, who own 60% of the firm, paid to subscribe to the listing.
Australia’s booming health industry Medibank’s shares are appealing for investors intense to gain exposure benefits from generous state subsidies and is boosted by a wealthy ageing population.
And more remarkable is the debut was the largest share offer of a state firm since the government sold Telstra in 1997, and the country’s largest private health insurer was set up in 1975 by Australia’s Health Insurance Commission, now known as Medicare Australia.
