Royal Mail shares soar in sparkling stock market debut
LONDON (AFP) - Shares in Britain's Royal Mail surged by more than a third on Friday in a impressive debut on the London stock market following its controversial part-privatisation.
Shares soared 36 per cent to 450 pence at the start of conditional deals by institutional investors on the London Stock Exchange on Friday, ahead of full trading next week.
That increased the value of Royal Mail to as much as £4.5 billion (S$8.97 billion).
Business Secretary Vince Cable, a Liberal Democrat, said that the sell-off was a "very good deal" for Royal Mail workers, for Britain and for the government.