Royal Mail shares priced at top of the range

Royal Mail shares will be valued at 330p, the top end of the spectrum, as more than £12bn of investors’ money chases them.

Yesterday the Business Secretary revealed applications for shares were hugely oversubscribed as the Government prepares to sell off just over half of the postal operator.

Vince Cable has had to bat off accusations that the Royal Mail has been significantly undervalued and taxpayers will not recieve value for money.

The Government received well over half a million applications to buy shares, confriming the sale as the biggest privatisation for decades.