The Paris stock exchange was bracing for its biggest IPO of the year after Europe's largest asset manager Amundi said Monday it would go ahead with a stock listing that could value the firm nearly 9 billion euros. The shares of the firm, a joint venture of French banks Societe Generale and Credit Agricole, are to be sold at a price between 42 and 52.50 euros, valuing the company at between 7 and 8.8 billion euros ($7.7 billion - $9.7 billion).
The transaction will allow Societe Generale to raise as much as 1.75 billion euros from the sale of its 20 percent stake in Europe's largest asset manager, which ranks ninth globally. The decision to go ahead with the share listing comes days after music streamer Deezer postponed its planned IPO, citing market conditions.