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Royal Mail Closes 38% Higher on Debut After Oversubscribed IPO

Royal Mail Group Ltd., Britain’s 360-year-old postal service, closed 38 percent higher on its trading debut, heightening criticism of an initial public offering that opposition politicians say was underpriced.

Royal Mail shares, sold to investors for 330 pence in the U.K.’s biggest state asset sale since British Rail was broken up in the 1990s, rose as much as 39 percent to 459.75 pence and ended the day up 125 pence at 455 pence in London, valuing the company at 4.55 billion pounds ($7.3 billion).