By Daniel Hunter

Australian health insurer Medibank has made its stock market debut, and in doing so becomes the biggest listing of a state-owned asset in 18 years.

Having raised A$5.679 billion (£3.1 billion) in Asia's biggest public offering in two years the firm listed on Tuesday on the Australian Securities Exchange.

Shares first traded at a premium of A$2.22, compared to A$2.15 that institutional investors had paid and A$2 that retail investors paid.

The move was part of the government's plan to sell A$130bn in assets.

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