Medibank Indicative price _IG markets Gray Market Chart, page-12

"I think the price won't be above $2"

I know it won't be. See the prospectus wording below.

Applicants under the Retail Offer will pay the Retail Price, which will be the lower of the Retail Price Cap of $2.00 per Share and the Final Price^.

This raises the interesting point as to whether retail end up paying the max of $2 and others pay in excess of $2.