SYDNEY, Nov 20 (Reuters) - The institutional offer for Australia's state-owned health insurer Medibank Private Ltd , is "well covered with high quality demand" at A$2.15, a person with knowledge of the initial public offering said on Thursday.
Joint lead managers, Deutsche Bank AG, Goldman Sachs Bank AG and Macquarie Capital Funding LP sent an email to clients with the update ahead of books closing at midday local time, the source said, requesting anonymity as he was not authorised to speak on the record.
That price level represents a multiple of 22.9 times projected earnings for 2015. The government on Wednesday bumped up the target share price range for the IPO to between A$2.00 and A$2.30, giving Medibank a market capitalisation of up to A$6.33 billion ($5.49 billion).
Reporting by Byron Kaye; Editing by Richard Pullin