There has been a flurry of activity on the London Stock Exchange this morning, as trading on Royal Mail shares officially opened.
The majority of the trades are by small investors - those who received £750 worth of shares, which translated to 227 shares at 330 pence each.
Sales trader Will Hedden from IG explains the majority of those selling are known as "227's".
There has been another strong start to trading, touching new highs once again.
We have seen lots of “227’s” going through again, retail investors who haven’t been able to take their profits because they invested through the government website can now do so, and it has worked out nicely for them.