Regions

The UK government has planned to start the sale of its majority stake in Royal Mail Group by September. This was according to three people with direct knowledge regarding the matter.

Royal Mail announced its intention to float in the middle of next month. The initial public offering (IPO) would be opened to investors in October. The IPO for the 360 year-old postal service company has been expected to raise a hefty GBP3 billion, said source who asked not to be named as the matter was held private in nature.

Along with Royal Mail's IPO, companies such as Merlin Entertainments Group and Roxtons Ltd. lined up for initial public offerings in London. This was according to people familiar with the matter who told Bloomberg News.

UK had planned the IPO for Royal Mail in the current fiscal year. However, it has not yet decided the specific timing, according to the country's Department for Business in an email.