Calyon powered from 45th to 7th place in European equity rankings today and climbed from nowhere to top of the IPO league table after completing a €3.5bn ($4.2bn) flotation of Gaz de France for the French government. The shares soared more than 20% in early trading.

The institutional offer was more than 27 times oversubscribed and the issue price was set just below the top of the €23.40 bookbuilding range yesterday afternoon amid falling markets in the wake of the London terrorist attacks.