ABN Amro Rothschild and Calyon are leading a €344m ($424m) initial public offering for Nexity, the French property group, which was formed four years ago as the result of a leveraged buyout from Vivendi Universal, the French media group.

The banks have set an indicative price range of between €17.45 and €20.25 per share. Bookbuilding began on Monday and the price will be fixed on October 21.