posted at 17:50
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Medibank debuts in Australias biggest float this year
Forty percent of the shares were sold to institutional investors at Aus$2. 15 each, higher than the government's initial Aus$1. 55-2.00 range, while mum and dad investors were able to buy them at Aus$2. Finance Minister Mathias Cormann said the government raised Aus$5. 7 billion from selling off Medibank, Aus$1 billion more than initially forecast with interest strong. All the money will be tipped into the government's so-called asset recycling fund, which helps Australia's states and territories build new infrastructure such as roads. Medibank, which provides cover to 3.8 million people, was established in 1976 by the government to compete in the private insurance market. It became a profit-orientated government business enterprise in 2009.

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