Shares in Icade, the French property group, jumped 11% in the first hour of trading this morning on Euronext Paris, after the offer was 14 times oversubscribed. The deal, which raised €614m ($746m), is the largest real estate flotation in Europe for four years.

A banker working on the offer told Financial News that 40% of the deal was bought by investors in the UK, 35% in France and the remainder by those in other parts of European.