Shares in Electricité de France were priced this morning near the top of their range following huge orders from retail investors and a last-minute rush by French and US institutions. The deal, which raised €7bn ($8.2bn), is the biggest initial public offering globally this year.

Shares in the electricity giant were priced at €33 for institutional investors and €32 for retail investors, near the top of the €29.50 to €34.10 range set by the government. It gives the company a market capitalisation of €55bn, bigger than German rival E.On.