Richard Hunter, head of Equities at Hargreaves Lansdown, said: “We expect share allocations will be announced so investors will know how many shares they have received in time for the start of conditional dealing at 8.00 am on Friday 11 October.”

How to deal Royal Mail Shares

Investors will be able to deal shares through their broker, online and by telephone.

The quickest, easiest and lowest cost way to deal through an online broker

The quickest and easiest way to view Royal Mail shares, check the share price or place a deal is likely to be through an online share dealing account. Investors, who have not already done so, should register for online access with their broker.

What happens if the application is scaled back?

If applications are scaled back, those investors who applied for shares with a broker have three options with the remaining money. This money can be:

• Used to purchase more Royal Mail shares
• Used to purchase other investments
• Returned to investors

What is conditional dealing?

Royal Mail shares are expected to be fully listed on the London Stock Exchange at 8am on Tuesday 15 October. However, they are expected to start ‘conditional trading’ on 11 October at 8am.

Most private investors who applied through an intermediary should be able to deal during conditional dealing. Hargreaves Lansdown clients will be able to but investors should check with their broker. Investors should be aware that if for any reason Royal Mail cancels the listing, all deals will be void.

It is also not possible to buy (sales are permitted) shares within an ISA or SIPP during conditional trading.

Royal Mail shares are expected to become fully listed on the London Stock Exchange and ‘unconditional dealing’ to commence at 8am on Tuesday 15 October.