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Alliance News


Royal Mail's IPO Set At 260p To 330p Per Share Range

Fri, 27th Sep 2013 07:50


LONDON (Alliance News) - HM Government said it has set initial public offering price of Royal Mail, the provider of postal and delivery services in the UK, between 260 pence and 330 pence per Share, implying a market capitalisation on Admission of between 2.600 billion pounds and 3.300 billion pounds.

The Offer comprises between 401 million Shares and 522 million Shares, representing between 40.1 per cent and 52.2 per cent of Royal Mail's share capital on Admission, excluding Over-allotment Arrangements.

Following the Offer, HM Government's holding in Royal Mail is expected to be between about 37.8 per cent and 49.9 per cent assuming no exercise of the Over-allotment Option and between approximately 30.0 per cent and 43.9 per cent assuming exercise in full of the Over-allotment Option.

HM Government noted that institutional Offer bookbuilding commences today, and is expected to close on 8 October 2013. Pricing and allocations are expected to be announced and conditional dealings in the Shares on the London Stock Exchange are expected to commence on 11 October 2013.

On September 12, Her Majesty's Government, or HM Government, announced its intention to proceed with an initial public offering of Royal Mail, the provider of postal and delivery services in the UK.

HM Government noted that it intends to dispose of a majority of the existing Shares, taking into account Shares sold in the Offer and the 10 per cent of Royal Mail to be made available for free to around 150,000 eligible UK-based Royal Mail employees at or around the time of Admission under an employee free Shares offer, which is separate and in addition to the Employee Priority Offer.

Copyright RTT News/dpa-AFX

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