Julia
In Memoriam
- Joined
- 10 May 2005
- Posts
- 16,986
- Reactions
- 1,973
Re: Medibank Private IPO
From "Business Day" 24.10.14
From "Business Day" 24.10.14
The timing and pricing of Medibank's sharemarket listing is "laughable" and the investment bankers running it need a "sharp and powerful uppercut", Morningstar's head of equities research Peter Warnes has told clients.
Writing about the float in his weekly newsletter, Mr Warnes did not hold back.
"With an indicative price range of $1.55 to $2.00 – a mere 29 per cent spread [we can assume some pretty heavy sarcasm here] – retail investors (voters) will be asked to apply for shares by 14 November without knowing the most important piece of information in any investment decision – the PRICE," he says.
He bemoans the fact that the price will be set by "an infernal institutional (non-voters) bookbuild" from November 18 to 20.
"How often does the Finance Minister buy something without knowing the price?" he asks tartly.
"Even worse, I understand broker firm bids (retail investors again) close on 28/29 October," he adds. "This is a $4 to $5 billion deal, not the size of Alibaba!"
Mr Warnes says he cannot understand why the bookbuild cannot be held before the close of retail applications, instead of the "farcical" current situation where "retail investors are significantly overbidding, knowing they will only be allocated a fraction of the bid".
"This creates false demand which creates a false final price. These investment bankers and their bloody bookbuilds really need a sharp and powerful uppercut."
He questions why somebody did not have the gumption to say: "the retail price is $1.65 (a P/E of 17.5) and the institutional price is $1.80 (P/E of 19)". At $1.65 the market cap would be $4.5 billion, he calculates.
He then sums up: "I do not believe demand for the issue is a problem - the problem, as with most bookbuilds, is the uncertainty around the price - especially when retail investors are treated like mushrooms, kept in the dark and fed you know what by investment bankers."
Hello to one and all,
Colossal amounts of quality info on this forum.. this newbie having a great time wading through it & getting up to speed. I fancy a piece of the Medibank IPO and while looking through the online application form was met with the following box that needed to be completed.... could not find any explanation in the guidance notes, so hoping one of the knowledgeable folks here can advise me to what this question refers and on what basis should I select either of the two boxes? I am trading via NABtrade.
View attachment 60039
Cheers,
If you have pre-registered as a policy holder, does that make you 'retail', and will the price be capped at $2 per share?
If you registered as a trust, but not policy holder would this mean you could pay more than the $2 per share?
Hi All,
I am new to this forum and new to the stock.
Hope to get answers from you who might be more experience than me.
I am just wondering what would be the difference between getting this Medibank shares from the broker compare to getting it through public registration?
I am with Commsec and Commsec has closed the offer and will open tomorrow again (Subject to demand). Meanwhile, the public offer through the Medibank website is open.
Do I get better deal in terms of the price/share through commsec (broker) or it will be the same regardless.
Thanks in advanced with the helps.
Cheers
hi policyholders dont get filled first. they just get 15% more than non pre registrants. policyholders and non pre registrants have to share the same general public pool
re comsec broker firm opening tomorrow Fri 5pm. Even if you bid 50k, u will only receive about 1/10 of that. this is because broker firm bids will only receive 10% of their bids.
http://www.smh.com.au/business/brokers-bid-for-12b-worth-of-medibank-shares-20141030-11e3zc.html
in my opinion, it is better to go through broker firm and then the public pool if you have the money.
general public pool has a high chance of getting scaled to around $2-5k, and 15% above that for pre registrants
with comsec broker firm, u have a decent chance of getting more than $5k, if u bid above $50k(1/10 guide as the smh article above)
Retail scaleback won't necessarily be 1/10. The broker firm offer may have had a few individuals bidding 100mil for example. Maybe 1/6 is my guess
Agree with all else.
Do you know how long until CommSec provides refunds ROE?
I am thinking late November..
Hmmm...might leave all my ammo for the general offer, I get the priority with that allocation..
Do you know how long until CommSec provides refunds ROE?
I am thinking late November..
Hmmm...might leave all my ammo for the general offer, I get the priority with that allocation..
you got to have the fund to apply for shares in comsec
but it wont settle until November if I understand it correctly
the fund need to be there to verify you have enough cash to bid
if you want to bid 100K you need 100K in the account but it wont settle till November 28 something
around that date
check the settlement date ...that when the money is drawn
ok I am wrong they deduct the cash 1 day after u apply
it is now open cap at 5Kchicken money
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?