Enel sold around 1.415 billion shares in EGP at €1.60 apiece in Western Europe’s biggest IPO since December 2007, when Iberdrola raised €4.5bn for its Iberdrola Renovables spin off. The sale values EGP at around €8bn. Shares in the company are due to begin trading in Milan and Madrid on 4 November.

Demand from large financial investors fell well short of expectations, amid reports that investment banks considered Enel’s valuation of EGP over optimistic.