The initial public offering for Instinet, the Reuters-owned electronic brokerage unit being floated in the US, has been boldly priced above the indicative range, in a deal that looks set to test sentiment in the new issues market as it tentatively looks for a recovery.

Reuters, the financial information group, and Credit Suisse First Boston, which is lead-managing the Instinet float, on Friday morning priced shares in the unit at $14.50 (€16.5). This was well above the $11.50 to $13.50 range, which itself had been contracted from the earlier spread of $11 to $14. The shares are set to debut in New York later in the day.