"Mum and dad" investors can apply to buy shares in health insurer Medibank Private from Tuesday.
The indicative price range of the shares is $1.55 to $2.00 each.
The final price per share will be determined after an institutional bookbuild, under which the market gives its view on the fair value of the shares.
Retail investors will not pay more than $2 per share even if the final price paid by institutional investors is higher.
The retail offer runs from October 28 to November 14.
The federal government hopes the privatisation of Australia's largest private health insurer will bring in up to $5.5 billion, putting the company among the Australian share market's 100 biggest firms when it starts trading on November 25.
The broad $1.55 to $2-a-share offer price to retail investors unveiled by Finance Minister Mathias Cormann in the company's prospectus last week surprised market watchers.
A $2 price would make it more expensive than its only Australian-listed private health rival NIB - with a price to earnings ratio above 21 compared to NIB's 18.
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