LONDON, Aug 7: The British government has invited stockbrokers to apply to help sell shares in the Royal Mail postal service to members of the public as part of a planned stock market listing.

The 497-year-old institution is to be floated by the end of March 2014, the country's biggest privatisation in decades, to help fund the modernisation of its delivery networks using private cash.

In a statement on Wednesday, Business Minister Michael Fallon said members of the public would be able to buy shares either through intermediaries, or direct from the government.

“UK stockbrokers and share dealing services are being sent information which will outline the arrangements for acting as intermediaries in the retail offer,” the statement said.

Including a retail element is relatively rare for initial public offerings (IPOs) in Britain.

While retail investors are considered to be less price sensitive, it is an option only usually considered for well known companies.

Last year insurer Direct Line sold around 15 per cent of its 787 million pound ($1.2 billion) IPO to retail investors who on average bought 5,000-6,000 pounds worth of shares.—Reuters