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Royal Mail shares priced at 330p Royal Mail shares priced at 330p
(34 minutes later)
Royal Mail shares to be priced at 330p initially, says the UK government.Royal Mail shares to be priced at 330p initially, says the UK government.
It also said the 93,000 members of the public who submitted a valid application for £750 worth of shares will receive the full amount.It also said the 93,000 members of the public who submitted a valid application for £750 worth of shares will receive the full amount.
Those who applied for shares worth more than £10,000 will not receive any. Royal Mail employees will have their applications met up to £10,000.Those who applied for shares worth more than £10,000 will not receive any. Royal Mail employees will have their applications met up to £10,000.
Business Secretary Vince Cable said the listing ensured the taxpayer value for money. Business Secretary Vince Cable said the listing gave the taxpayer value for money.
"We have struck the right balance, increasing the proportion of shares going to small investors to ensure they get their fair share and ensuring the employees get a 10%stake in the business," he said. "We have struck the right balance, increasing the proportion of shares going to small investors to ensure they get their fair share and ensuring the employees get a 10% stake in the business," he said.
'Staggering amount'
Mr Cable added that the listing also achieved a long term ownership structure enabling Royal Mail to be a "successful enterprise".Mr Cable added that the listing also achieved a long term ownership structure enabling Royal Mail to be a "successful enterprise".
Chief executive of the Royal Mail Moya Greene said it was "gratifying" Royal Mail had the confidence of "such a strong group of investors".Chief executive of the Royal Mail Moya Greene said it was "gratifying" Royal Mail had the confidence of "such a strong group of investors".
Ms Greene said: "With these institutions, many of whom are responsible for people's pensions and savings, and with UK citizens and our own people backing Royal Mail, we are much better positioned to be the universal service provider for the country."Ms Greene said: "With these institutions, many of whom are responsible for people's pensions and savings, and with UK citizens and our own people backing Royal Mail, we are much better positioned to be the universal service provider for the country."
Business editor at the BBC Robert Peston said: "The allocation of shares turns out to be very simple. If you've applied for up to £10,000 of shares, you will get £750 worth of shares. It is no more complicated than that." BBC business editor Robert Peston said: "The allocation of shares turns out to be very simple. If you've applied for up to £10,000 of shares, you will get £750 worth of shares. It is no more complicated than that."
Mr Peston said: "They [investment institutions] put up money worth a staggering 20 times the value of the shares on offer to them."Mr Peston said: "They [investment institutions] put up money worth a staggering 20 times the value of the shares on offer to them."
He said on his calculation, retail and institutional investors offered £27bn for shares priced at £1.7bn.He said on his calculation, retail and institutional investors offered £27bn for shares priced at £1.7bn.
The argument about whether Royal Mail was priced too cheaply will run and run, he added.