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Royal Mail’s $5.3 Billion IPO Said to Be Fully Subscribed

Royal Mail Group Ltd. has buyers for all shares to be sold in an initial public offering valuing the 360-year-old U.K. postal service at as much as 3.3 billion pounds ($5.3 billion), two people briefed on the matter said.

The sale began today and was fully subscribed within hours, mainly on demand from institutions, according to the people, who asked not to be named because an update on the fundraising was sent only to investors. Royal Mail shares, open to applications until Oct. 8 before trading commences on Oct. 11, will be priced at 260 pence to 330 pence apiece, according to a statement.