The Royal Mail sell off was most underpriced UK privatisation ever being undersold by 38% i.e. shares on the first day increased 38% over the price they were sold by the government. This compares to Rolls-Royce, 37% undersold, BA 35%, BT 32%, and British Gas 9.5%.

So even in its own terms, the government lost £700m but the profiteers will be happy with a 38% profit on the first day.