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    Tom valuations at company flotations is not a science. At the end of the day they will be worth what people want to pay for the shares and estimates of value will vary before the launch.

    I certainly hope that this particular broker is right for the simple reason there will be a nice gain to be had with the remaining 48% the government will still hold.

    In fact they are pitching the sale about right in terms of the proportion they are retaining (for now) in order to gain maximum advantage for the taxpayer. If fewer than 50% were sold then that would depress the price so a sale of 52% is about right.

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