The Australian government is set to reap a A$5.5bn (£3bn) windfall after unveiling plans to sell its stake in Australia’s largest private health insurer Medibank Private.
Ministers, who will sell shares to retail investors in the initial public offering, intend to offload the government’s entire stake in the insurance business.
Shares were yesterday priced at an indicative price range of between A$1.55 to A$2.00 a share, giving the company a potential market cap of between A$4.3bn and A$5.5bn when it lists.
Around 750,000 Australians have already registered for the share offering, according to the government.
The firm was set up in 1975 and will start trading on the Australian stock market on 25 November.
German firm Deutsche Bank, Wall Street giant Goldman Sachs and Aussie company Macquarie Capital have been appointed to run the books on the flotation.