Provider: Wright Reports
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Royal Mail PLC Shares Priced At GBP3.30 In Oversubscribed Sale-Reuters
Reuters reported that Britain sold a majority stake in Royal Mail at GBP3.30 pence a share on October 10, 2013, following massive investor interest that values the postal service company, known worldwide for its iconic red postboxes, at GBP3.3 billion ($5.3 billion). Royal Mail priced its London listing at the top of a GBP2.60 to GBP3.30 range in a sell-off which could flush around GBP2 billion into government coffers. The government made 33% of shares available to the public, more than the 30% allocation that had been had expected, after the sale was oversubscribed seven times. That left institutional investors, whose offer tranche was over 20 times oversubscribed, with 67% of the offering.
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