Royal Mail shares begin full trading 45 pct above offer price
LONDON Oct 15 (Reuters) - Shares in Britain's Royal Mail opened at 478 pence on their first day of unconditional trading in London on Tuesday, almost 45 percent above their privatisation price.
The stock was trading up 1 percent by 0706 GMT.
The near 500-year-old company last week priced its stock market listing at 330 pence per share in one of Britain's state sell-offs for decades. The shares rose nearly 40 percent when it began trading conditionally on Friday.
While shares are trading conditionally, in theory the sale can still be cancelled and the trades would be void.
Only institutional investors such as pension funds and those individual investors who ordered stock through a broker offering conditional trade were able to sell before Tuesday, not those who bought through the government's official website or by post.