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Royal Mail shares soar as general trading begins

Article By: ,  Financial Analyst
October 15, 2013 4:15 PM

The share price of Royal Mail is up today (October 15th) as stocks go on general sale.

Today is the first day shares in the company have been on open trading on the London Stock Exchange and they have continued to increase in value during the morning session.

At 11:35 BST, stocks in the firm were selling almost one per cent higher than at the opening of the index this morning.

The government has regularly been forced to defend the pricing of shares in Royal Mail, with Labour accusing it of undervaluing the organisation by as much as £1 billion.

Members of the public initially had the chance to buy at least £750 worth of shares in Royal Mail – priced at 333p, but the stocks were hugely oversubscribed.

Shadow business secretary Chuka Umunna recently stated that the privatisation of Royal Mail will line the pockets of hedge funds and investors, rather than boosting the taxpayer.

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