Royal Mail will begin its listing on the London Stock Exchange on 11 October, with the price per share set between 260p and 330p.

The Department for Business, Innovation and Skills also revealed that it intends to make between 401 million and 522 million shares available in total for public and institutional investors.

It said 70% of the base offer will be available to institutional investors, with the deadline to apply for shares set for 8 October.

Royal Mail chief executive Moya Greene said: “We will now be better able to compete in what is a fast changing and intensely competitive market.”

“I'm delighted our people will own a meaningful stake in the company and that the public now have the opportunity to own a share in our future as well,” she added.

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