The flotation of Rexel is set to raise about €500m ($665m) less than originally expected, after the French electrical equipment company's private equity backers decided to only sell a small portion of their holdings.

The flotation of Rexel, returning to the Paris stock market after a two-year absence, had been expected to raise about €2bn, but documents filed this morning with the French market regulators show the company and its backers will raise a maximum of €1.48bn, at least €520m less than its intial target.