Australian state-owned health insurer Medibank Private said it is planning an IPO that is seeking to raise between A$4.3 billion to A$5.5 billion ($3.7 billion to $4.8 billion).

Medibank plans to sell up to 2.75 billion shares in a range of A$1.55 to A$2.00, the company said in its prospectus, lodged with authorities on Monday.

Analysts had expected the IPO for 100 percent of Australia's biggest health insurer to raise between A$4.1 billion and A$5.7 billion.

Medibank Private is expected to start trading on Nov. 25.