Britain’s Royal Mail to be valued at up to $5.3 bln in share sale

The British government said on Friday it would offer shares in state-owned Royal Mail at between 260 pence and 330 pence each in its London listing, valuing the company at as much as 3.3 billion pounds ($5.28 billion).

The government plans to sell between 40.1 percent and 52.2 percent of near 500-year-old Royal Mail, which is expected to make its market debut on Oct 11. It has also agreed to give away 10 percent of the company's shares for free to staff.