Goldman Sachs and UBS, global co-ordinators (Glocos) for the sale, advised against a rise above 330p, citing the risk involved and necessity of having to offer retail investors two days' withdrawal rights.
Even Goldman Sachs, one of the two companies employed by the state to facilitate the sale, advised its investors that the share price would settle at 610p within a year, less than a week after advising the government on a maximum flotation price of 300p a share.
Demand for Royal Mail shares was 24 times the maximum number available to investors, the NAO said, but the banks overseeing the sale advised there was not sufficient demand to justify a significantly higher figure.
But its ability to continue doing so may be scuppered by the UK government's plans to sell off the body, with estimates that the sale, advised by investment bank NM Rothschild, could raise over £1 billion.
The group imposed sanctions on the National Academy for its sale, advising other institutions not to collaborate with or make loans to the academy.
The sales executive advised Mr. Parmigiani in the message dated March 2005 that he could not attend a meeting because of a "big ratings change looming".
Others appointed "timing police" to keep out timers even as sales colleagues advised them how to stay under the radar by splitting up orders or by creating multiple accounts to evade timing limits.
Meanwhile, James Robertson, a managing director at UBS, said that in the days before the sale they advised the government they could increase the share price by 20p.
Advice to flippers: Do your own research on comparable sales, active listings and pending sales, he advises.
Goldman Sachs and other investment banks are seeking ways to increase revenue as fees from underwriting stock sales and advising on mergers decline.
