If we carefully peel back all the hype, we find quite significant pockets of disappointment with the share offering for the Royal Mail sell-off.
For indivdual investors, it was around seven times oversubscribed, 690,000 people will get the £750 of shares. Thats actually 95% of the total who applied.
But there is disappointment too. Those who applied for more than £10,000 of shares, around 35,000 people, got nothing.
They feel they were the very people that believed most in this, who were willing to put in a substancial chunk of savings, and yet didn't get a thing. Their bids were not scaled down - they were rejected.
As one stockbroker told me, "anyone who applied for over £10,000 has been classed as a professional investor" but this is utter rot.
The ISA allowance this year is £11,520. If you tried to put in your whole "individual savings account" allowance for this tax year you got zero.
A roaring first day's trading in Royal Mail shares has seen Government accused of undervaluing the company before its stock market launch.
Royal Mail shares will be priced at 330p when it makes its stock market debut, valuing the group at £3.3 billion, the Government announced.