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<p>The Government set the overall allocation policy with the aim of getting the right
balance between longer-term, stable investors, retail investors and shorter-term investors
who provide liquidity in the market.</p><p> </p><p>Allocations were made to a number
of institutions who in the early stages of engagement were willing to place non-binding
orders despite the risks attached to the IPO such as the industrial relations situation.
These investors gave us confidence that there was sufficient demand to proceed with
the IPO.</p><p> </p><p>We had nearly three-quarters of a million retail applications
so their allocations were scaled back as they were for institutional investors. Given
this high demand, Ministers decided to prioritise smaller investors and put in place
a cut-off above £10,000 and give everyone below that the same number of shares. Around
95% of retail investors were allocated shares.</p><p><strong> </strong></p><p><strong>
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