Government gets 700,000 applications for Royal Mail shares

More than 700,000 applications for Royal shares were received by the government yesterday, business secretary Vince Cable said today.

The retail element of the Royal Mail IPO was seven times oversubscribed with over 100,000 small investors rushing for the shares.

The price of the shares and the final number of applicants from the members of the public will be announced on Friday.

Around 150,000 Royal Mail staff are expected to receive about £2,200 worth of free shares as part of the flotation.

More than 99% of Royal Mail staff accepted free shares with only 368 opting out.

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