 On 26 March 2014, Abbott Government Minister for Finance Mathias Cormann announced that Medibank would be sold through an initial public offering in the 2014-2015 financial year.With the Medibank Private IPO priced at $2.15, the government exceeded the indicative range of $1.55 to $2.00 disclosed in the prospectus.However, it ensured that retail investors only pay $2.00, locking in a minimum 7% gain for them in the short-term.