Natixis, the investment banking and funds joint venture between France's Banque Populaire and La Caisse d'Epargne, has closed bookbuilding with €11bn ($14.7bn) of demand ahead of the company's expected €5.7bn Paris listing tomorrow.

The share sale was priced last night at €20, nearly 14% below the maximum offer price of €23.19, and raised €5.7bn, after the deal was more than twice covered by institutional and retail investors, according to French daily, Les Echos.