By business reporter Michael Janda Medibank Private shares opened at $2.22 and traded as high as $2.23 as they debuted on the share market. The high marked an 11.5 per cent profit for retail investors who had bought their shares at $2 a piece, while any institutional investors selling would have booked a 3.7 per cent gain if they sold at $2.23. But the shares could not sustain those gains, closing at $2.14, seven per cent above its launch price but a cent less than the premium paid by institutional investors. Institutions were expected to be more on the buy side than the sell side on the first day of trade, having generally had their requested allocations drastically scaled back. More » |
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