Royal Mail Shares Hit 500p A Week After Sale

The value of Royal Mail has soared by 50% a week after the Government sold shares in the company.

Shares hit 500p on Friday, valuing the company at £5bn - up £1.7bn from the initial price offered last week.

The new high was reached as Business Secretary Vince Cable said bankers at Goldman Sachs, UBS and Lazards who were handling the sale persuaded ministers not to increase the offer price above 330p.

An initial price range of 260p to 330p was set, with the lower end factoring in possible industrial relations problems that might push it down.

Mr Cable had dismissed the flotation fever, which saw the value of the company immediately soar by £1bn when trading began last Friday, as "froth".

But shares climbed as high as 501.1p in Friday's trading. The initial offer price of the company's shares had calculated it at £1.7bn less.

Full trading in the shares, when members of the public who had bought them directly from the Government were able to cash in profits on the rise for the first time, began on Tuesday.

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