Chuka Umunna – 2014 Parliamentary Question to the Department for Business, Innovation and Skills
The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.
To ask the Secretary of State for Business, Innovation and Skills, what process the Government adopted to (a) identify and (b) select priority investors in the recent Royal Mail privatisation.
Michael Fallon
The process of investor engagement commenced 12 months prior to the Initial Public Offering (IPO). In the initial period, Royal Mail’s management met with over 60 high quality institutions to educate them about the business. During pilot fishing in early September 2013, the management team and the Government’s banking advisers engaged further with a focused group of 21 well-informed and longer-term investors. Initial indications of potential demand were received from this group; this gave the Government the confidence to proceed with announcing the Intention to Float on 12th September 2013.
