European fund managers are disappointed with the unexpected price of Société des Autoroutes Paris-Rhin-Rhône, the motorways operator, which is the latest deal to come out of the French privatisation programme.

The underwhelming reaction to the IPO, coupled with the disappointing debut last month of a Spanish toll road company, has raised concerns that the recent excitement over motorway stocks is running out of road. SAPRR's long-awaited initial public offering launched last week with a €38 to €43 price range. HSCB-CCF, Lehman Brothers and SG are joint bookrunners on the deal.