Medibank Private hits the stock exchange
AFTER exceeding sale expectations for the Medibank Private sell-off last week, Finance Minister Mathias Cormann on Tuesday "rang the bell" on the company, launching it for trading on the stock exchange.
The final price as at first listing for the privatised insurance firm was set at $2.15 a share, a huge $5.921 billion market capitalisation.
Mr Cormann said the outcome of the initial offer was "outstanding" from both domestic and overseas investors, and the sale was the result of more than a year of work.
The stock will trade on a conditional and deferred settlement basis until normal trading starts on or about Friday December 5 this year.