It’s almost one year on from the Royal Mail’s hysterical public offering, and like a Christmas card forever lost in the post, the underlying message from the debacle has also been mislaid: don’t judge an initial public offering by its short-term performance.

The UK government sold a stake in Royal Mail on October 11 last year at 330p a share, only to see the stock soar 40% on the first day of trading. According to a subsequent report by the National Audit Office, this pop cost taxpayers £750 million.