“It’s got a good business case, it’s a good investment story, it has been marketed well. I think it’s generally accepted by most people that it should be privatised,” Mr Mackay said.

“It’s effectively government-backed with regards to the taxation penalties if you don’t have private health insurance."

Potential regulatory change represents a risk, but Mr Mackay said he “can’t see that happening.”

However, he said, a key issue is accessibility and the fair amount of paperwork involved in the application.

“Is the work and effort worth the potential return that you’re going to get on a very small percentage of your portfolio?” Mr Mackay said.

“For those that don’t want to go through administrative hassle in the float … they’ll be liquidly traded; you’ll just end up missing any potential kicker on the first day of trading.”

Also speaking to SMSF Adviser, Verante Financial Planning director Liam Shorte said he has seen significant demand from his SMSF trustee clients, but he warned of the administrative burden.

“It’s the biggest interest I’ve ever seen in an issue, and it’s a nightmare,” Mr Shorte said. “Don’t expect it to be an easy process. It takes 15-20 minutes if all goes well.”

Mr Shorte said the interest from trustees stems from the fact that this is a long-term investment with “decent enough” dividend and importantly, because it is a non-bank stock.

"They’re absolutely overexposed to [bank stocks] already. They’re looking for something that gives them the same long-term income, but not from a banking stock. So, they’re trying to diversify away from the banking stocks,” he said.