Queensland Treasurer Andrew Fraser gave the nod to the $4-$5billion Queensland Rail (QR) National float.

Fraser launched the pre-registration process for retail investors yesterday. The launching enabled investors to apply via a website for a guaranteed allocation of shares.

The allocation of shares will be revealed in the prospectus to be released on October 10. The prospectus will be subject to a $15 million publicity campaign in the lead-up to the November float. It will offer retail investors stock at a discount to the price being paid by institutional investors.

The proposal also includes a “loyalty bonus” for shareholders retaining stock for a specified period.

Fraser and QR chief executive Lance Hockridge held back in making any final statements on the prospectus since it has yet to be registered with the Australian Securities and Investments Commission (ASIC).

Both leaders described the offer as “a rare, if not unique opportunity” to share in the wealth of the world's largest transporter of coal. Fraser stressed that “two-thirds of seaborne metallurgical coal in the world originates in Queensland.”

“This is about the opportunity to expand the export capability of this state,” the treasurer added.Tje state government will be keep a stake of between 25 and 40 percent. Queensland residents will be given priority for stock in the event of oversubscription.

QR is expected to become a top 50 company listed on the ASX. The float will be Australia's biggest initial public offering since the final Telstra T3 selldown by the federal government in 2006.