Medibank Prospectus Details, page-79

If we take a step back and analyse the situation, it seems that all the negative comments are due to the wide pricing range.. From P/E 16.5 (which in my opinion is reasonable) to P/E 21 (way too expensive)..

Now, if we look at a number of recent bookbuilds since the market "shake-up", most IPOs with price range structure always end up in the bottom range..

APN Outdoor - Final Price $2.55 (range $2.55 - $2.75)
Huon Aquaculture - Final Price $4.75 (range $4.75 - $5.40)

APN had a lot of interest from the instos, yet they managed to push the price down. Last night the insto bid for Veda block trade was 10% below the market price..
Based on this, I think the insto will do the same for Medibank IPO.