The French government has managed to float 35% of Snecma, the jet engine maker, near the bottom of the pricing range, raising €1.45bn ($1.74bn) instead of the €2bn it was aiming for only two weeks ago.

The shares were priced at €15.60 for retail investors and €15.70 for institutions, at the lower end of the €15.45 to €17.20 range announced last week by Credit Suisse First Boston and Calyon, the bookrunners. ABN Amro Rothschild was joint global coordinator.