Eutelsat, the French satellite operator targeting €1.8bn ($2.15bn) from a Paris listing next week, may be forced to lower its indicative price range after equity markets bankers not working directly on the deal said there had been poor demand for the shares.

French banking sources told Financial News that investors are only placing orders for Eutelsat shares at the bottom of the price range set by bookrunners Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley at between €15.25 to €17.75.