Royal Mail shares soar as 700,000 receive stake

Conditional trading on the City's "grey market" saw shares jump from the government's offer price of 330p to 450p, in a move which exceeded expectations. Royal Mail shares will not be listed on the Stock Exchange officially until next Tuesday. Everyone who applied for between the £750 minimum and £10,000 worth of shares will receive 227 shares worth £749.10. However, those hoping to secure a bigger slice of the company will be disappointed after the government said that the 40,000 investors who applied for more than £10,000 worth of shares will get nothing.