Fears have been raised over small-time investors buying shares in Royal Mail, as big City firms are set to buy the majority of those on offer.
Hedge funds and City fund managers are allowed 70% of the shares being offered in the majority sell-off of the postal delivery firm.
City investors have also been tipped to make up to 40% instant profit amid claims that the business has been undervalued by more than a third.
The Government has valued the Royal Mail at £3.3bn and is selling up to 62% of the business - including a 10% stake being handed for free to Royal Mail employees.
But analysts at Panmure Gordon told The Daily Telegraph the company could be worth as much as £4.5bn.
The shares have been priced at the high end of the £2.60p to £3.30p estimate, but are expected to rise in value when the company floats on the stock market next week.
The deadline for applications to buy stock closes at midnight on Tuesday, and veteran City expert David Buik said big investors had already applied for hundreds of millions of shares.
The minimum investment allowed is £750, which is forecast to return a profit of £300 if sold after flotation.
Former home secretary Alan Johnson, who worked as a postman as a teenager, told the newspaper: "There is a vast difference between pricing Royal Mail shares conservatively and undervaluing them by £1bn.
"This is ripping off the taxpayer on an epic scale."
On Sunday, Labour slammed the privatisation and said the process should be halted.
Shadow business secretary Chuka Umunna, speaking on Sky's Murnaghan programme, said scrapping the move would prevent a "massive bonanza" for City speculators.
He said to proceed with the sell-off would not only have "huge consequences for consumers and businesses" - but the taxpayer would also be left "short-changed".
The prospectus also highlights sites in London at Mount Pleasant and Nine Elms as being "surplus", with reports saying they are worth between £500m and £1bn each, according to Labour.
Meanwhile, Royal Mail chief executive Moya Greene has written to employees offering them £300 not to take part in impending industrial action.
Workers have been offered a pay increase of 8.6% over three years, including a £300 lump sum in year one if there is no strike.
The Communication Workers Union is asking members to vote on industrial action and the ballot closes later this month.
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