Credit insurer Euler, which has 25% of the world market, has successfully floated on the Paris Stock Exchange after its shares were oversubscribed by more than 4.5 times.

The company said demand for the institutional share offering was specially strong from international investors who accounted for 85% of the total placement. The share price was set at £31.9, comfortably within its initial price range of between £29.2 and £34.5.

Staff in Euler subsidiaries will benefit from the company's future performance by being offered stock options.

Jean Lanier, Euler group chief executive, said he was delighted with the success of the floatation.

But he added that Euler has no immediate plans to float its shares on the world's biggest stock market, Wall Street.

Net profits for the group which has operations in 11 countries was almost £47m in 1999.