As requested by Katavi, here is the link to the polling for those of you who haven't voted yet..
http://goo.gl/DtrcJ6
But it looks like the final price for Medibank could well be over $2.00.. For retail investors with less than $250k invested, the price is capped at $2.00..
Bid early. Bid firm.
It’s the crying call of initial public offering bookrunners the world over.
Fund managers normally take no notice. But Medibank Private is not your everyday IPO.
As domestic fundies try to work out how to play next week’s institutional bookbuild and whether they are in danger of missing out on allocations, Medibank and its joint lead managers have directed them to the fine print deep in the private health insurer’s prospectus.
The government and adviser Lazard have taken the unconventional – and rather transparent – step of lining out some ground rules for institutional allocations.
The government as bookrunner has said it will consider timeliness of bids, consistency and quality of investors in determining allocations.
But it also went a step further. The government said it would give preference to investors making firm bids in the bookbuild’s first 24 hours, provided those bids were at or above the final price. It will also give preferential treatment to early bids above the $2 top of the range, although exactly how much preference is at the government’s discretion.
It’s the first time local fundies and equity capital markets bankers have seen such bold terms in a privatisation’s offer document.
It’s clearly designed to get the best price at the institutional bookbuild, which will determine the listing price for all investors and proceeds for the government.
Medibank management will return from meetings with European investors at the end of the week. The government’s joint lead managers Deutsche Bank, Goldman Sachs and Macquarie Capital will open the books at 7am on Tuesday, before closing the ledger at noon on Thursday
http://goo.gl/RhWXfV
