Bankers cheer Royal Mail criticism in hope for adviser, pilot fishing changes in IPOs

By Andrew Griffin
03 Apr 2014

A new and critical report into the privatisation of the Royal Mail was hailed by ECM bankers on Tuesday morning, who hoped that it will persuade issuers to heed their warnings about independent advisers and the perils of over-reliance on pilot fishing.

The UK's National Audit Office criticised the Royal Mail IPO in a comprehensive report released on Tuesday. The shares, which have gained 72% in their first five months of trading, were under-priced and the deal was not as well managed as it could have been, the watchdog said.


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