Hundreds of City institutions registered interest in Royal Mail shares in the run up to one of the most controversial privatisations this century.
They were joined by hundreds of thousands of ordinary members of the public.
But most investors, whether big or small, went away empty-handed because the float was oversubscribed 23 times.
Some 17 institutions were given “priority investor status” by Goldman Sachs and UBS the Royal Mail’s global co-ordinators (GloCos). These 17 institutions, in Vince Cable’s words were “the high quality institutions of the type that would form the core of a long-term supportive investor base.”...
Global Research
Privatization of UK’s Royal Mail – Goldman Sachs Gave “Priority Investor Status” to 17 Institutions
Julie Lévesque
Well, the UK government has already been privatized and sold to the highest bidders, so why not the Royal Mail.
sounds like it was majorly over-subscribed...
ReplyDeleteI remember reading an account of the IPO of Guiness in the 1800s at Barings where a mob formed at Barings and many who couldnt get in tied their subscription agreements to rocks and threw them over the mob and through the windows of the building....
So this type of behavior has been going on for quite some time... should not be surprising.