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| Royal Mail shares 'seven times over-subscribed' | Royal Mail shares 'seven times over-subscribed' |
| (35 minutes later) | |
| The Royal Mail share-offering for private investors was seven times over-subscribed, with 700,000 applications in total, according to the Business Secretary Vince Cable. | |
| Speaking to a committee in parliament, he said he was "confident" the shares were "priced in the right place". | Speaking to a committee in parliament, he said he was "confident" the shares were "priced in the right place". |
| Shares will begin full trading on Friday, priced between 300p and 330p. | Shares will begin full trading on Friday, priced between 300p and 330p. |
| Mr Cable's comments come after criticism from Labour that the shares were being sold too cheaply. | Mr Cable's comments come after criticism from Labour that the shares were being sold too cheaply. |
| The deadline for the general public to buy shares was on Tuesday. | |
| The sale is expected to value the firm at £3.3bn ($5.31 billion), at the top of the target range. |