Royal Mail and Department Business Innovation Skills

closing price: Related:Relinquishing last Royal Mail shares must be done at highest price possible After a controversial flotation in 2013, in which the government was widely accused of selling off Royal Mail on the cheap, a BIS spokesman insisted the department would be seeking the best possible deal for the taxpayer, although he admitted that City institutions maight get a small discount on the price in the open market, according to The Guardian. He added: It is, however, normal market practice where a large volume of shares are placed on the market by a single seller to offer a small discount on the previous day closing price. In an announcement made after the stock market closed on Wednesday evening, the Department for Business Innovation and Skills said it would place about 15% of the company shares with City institutions overnight. The discount ensures that the seller is able to achieve a successful sale. Royal Mail shares closed on Wednesday at 516.5p, a 57% increase on the 330p when the government floated about 60% of the company in October 2013. This happens in both private sector and government asset sales. (news.financializer.com). As reported in the news.