Medibank Indicative price _IG markets Gray Market Chart, page-25

I am not sure that the 12 billion bid is a true reading as most people expect significant scale back and therefore bid 2-4x of what they really want and afford. The same will happen for the general public offer. Overall, the demand is still very high so I expect the share price to be well supported when it list. Only problem is that the final issue price will likely be at the higher range because of this huge demand. I hope it is not more than $2. I doubt it will crash and burn when it opens. Like what Nani said, they need to keep the voters happy. I have not seen any govt ipos that crash and burn in the first few weeks of listing, esp if there is a high demand for the stock. So I am hoping for a 15% plus gain in the first 4-6 weeks of trading as the index funds have to buy to meet their requirement.
Maybe it is also good to discuss the exit strategy from this ipo.