If you are flicked to your broker from the application page, my understanding is that you have asked for a broker allocation. When you fill in your application (online) tick the box for general issue which will get you through to the details page where you can then fill in your broker details so the shares are allocated under your CHESS identity (ie the shares are registered with your broker). Important if you want to sell them through your broker. If you want a broker allocation you need to talk to your broker.
My take on it is that its unlikely to be another T1 or CSL or CommBank. It has a few more hairs on it than those floats:
- chances are the price will be at the $2 end of the range which places it on a high PE relative to its peers and the market;
- it is leaking customers to its subsidiary AHM, putting pressure on profit margins;
- a larger proportion of its income relative to other health insurers comes from investment income (this proportion will increase as it proposes to increase funds exposed to equities from current levels). In other words if share prices drop, so will its income; and lastly
- it has done some creative accounting on the dividend yield it expects to pay. It will pay a dividend after the float of 4.9 cents per share in the 7 months remaining in 2014-15. On an annualized basis this equates to 8.4 cps or 4.2% (the number promoted in the prospectus). There is an implication that this will continue into the future. Now MB has said that it intends to pay 75% of earnings as dividends. To maintain the bandied-about 8.4cps at a 75% payout ratio the following years earnings would need to be 11.2cps - a 19% increase in profit. A tough ask. Don't be surprised if there is a reduction in near term dividends.
Against that the index funds will need to buy the shares to reweight their holdings potentially putting upwards pressure on the price (although from when and for how long is unknown) and cost and operational efficiencies can be improved which would improve profit margins (this likely means a lot of employees will lose their jobs).
My 2c