This privatisation started French Finance Minister Nicolas Sarkozy’s programme, offering fund managers the possibility of investing in one of France’s most successful blue chip businesses. Snecma is a world leader in engine manufacturing for commercial airlines as well as propulsion equipment for the aerospace industry. The company has been growing for decades and boasted a healthy sales and profitability profile over the last 15 years.

The issue was three times oversubscribed and the issue priced in the middle of the range. This was considered a success in a market where many IPOs were struggling and pricing at the low end or below the range.