Final price for Telstra shares is $3.60

Mum and dad retail investors will pay $1.60 for the final instalment of Telstra shares bought in the third and last sale of the company's stock by the federal government.
The price means the total cost of the shares, to be paid for in two instalments, will be $3.60, including a first instalment of $2.00.
Institutional investors will also pay $1.60, which added to the first instalment of $2.10 equates to a price for $3.70.
The securities will begin trading as instalment receipts on the Australian Stock Exchange at 1130 AEDT Monday.
Finance minister Nick Minchin said interest in the offer was strong and that the government would raise $15.5 billion after selling about 35 per cent of Telstra, which was better than expected.
The government's total stake equates to 51.8 per cent.
"The level of interest from investors, both retail and institutional, was much higher than expected, making T3 the second biggest share offering in Australian history," Senator Minchin said.
"Our sale team managed the T3 process extremely well and designed an offer structure which proved to be highly attractive to both ordinary investors and investment funds."
Brokers and analysts had tipped the full price for Telstra shares would be around $3.75 and that the government would sell more than its initial target of $8 billion worth, after an institutional bookbuild closed on Friday.
In the first float of Telstra shares, retail investors paid $3.30 per share and in the second offer $7.40 per share.
The remainder of the government's stake, or 17 per cent, will be placed in the Future Fund to be sold down over time.
"In order to satisfy the much higher than expected entitlement demand from existing shareholders, the base offer size has been increased, in accordance with the prospectus, to 3.69 billion shares," Senator Minchin said.
"In addition, as set out in the prospectus, a further 554 million shares were made available to satisfy other demand in the institutional offer, bringing the total institutional offer size to 1.7 billion shares."
Retail investors have been allocated a total of 2.5 billion shares in the offer.
Allocations are split 60 per cent retail, 28 per cent domestic institutions and 12 per cent international institutions.
Existing Telstra shareholders will be guaranteed an allocation of up to 10,000 shares before any scale-back occurs.
General retail investors will be guaranteed an allocation of up to 5,000 shares before any scale-back occurs.
All retail investors will receive 75 percent of their application above these thresholds, up to a maximum of 100,000 shares.
The second instalment price is not due to be paid for 18 months.