Medibank IPO in Sydney Raises $5.9 Billion

Marcus Jacob
25 Nov, 2014
New York City

Medibank Private completed initial public offering and raised $5.9 billion. Stocks in Sydney traded lower after iron ore, gold and crude oil prices edged lower. Brickworks Limited said fiscal first quarter revenues rose 14%.

[R]5:30 PM Sydney – Medibank Private completed initial public offering and raised $5.9 billion. Stocks in Sydney traded lower after iron ore, gold and crude oil prices edged lower. Brickworks Limited said fiscal first quarter revenues rose 14%.[/R]

Australian market indexes traded lower and the widely anticipated public issue of private health insurer Medibank Private raised $5.9 billion.

Australian dollar fell to 85.94 U.S. cents and in stock-trading turnover climbed to 985 million shares worth $5.6 billion.

ASX 200 Index slipped 27 or 0.5% to 5,334.80 and broader All Ordinaries Index fell 28.10 to 5,320.90.

In commodities trading, gold slid US$2 to US$1,197 an ounce and light crude oil decreased 73 cents to US$75.78 a barrel.

Medibank Private raised $5.9 billion through a public offering. The initial public offering was priced at $2 a share and the stock opened at $2.22 and closed at $2.214.

Australian Stock Movers

Aristocrat Leisure Limited gained 1.9% to $6.73 after the gaming solution provider reported revenues in the year ending in September jumped 6.2% to $847.5 million from $798 million a year ago period.

Net in the year swung to a loss of $16.4 million compared to profit of $107.2 million and diluted loss per share swung to 5.1 cents from earnings per share of 19.4 cents in the same period a year ago.

Harvey Norman Holdings Ltd closed unchanged at $3.71 after the electrical and furniture retailer plans to offer new security and raise about $120.7 million.

The offer price is $2.50 per new share.

OzForex Group Limited surged 8.8% to $2.46 after the online payment service provider said revenues in the first-half ending in September soared 11% to $860 million from $775 million a year ago period.

Net profit in the period surged 26% $12 million compared to $9.53 million and diluted earnings per share jumped to 4.99 cents from 4.18 cents in the same period a year ago.

Toll Holdings Limited increased 1.1% to $5.49 after the transport and logistics service provider estimated to raise more than $100 million from the sale of assets in Asia and Australia.