Shares in French electrical equipment supplier Rexel were sold at as much as a 26% discount to their actual value in the company's Paris initial public offering, according to a London-based equity research analyst's report.

The flotation of Rexel was launched last week with the company's shares being offered at €16.35 to €19. Christopher Brown, head of investment companies research at UK broker Cazenove, said this values the company at 18.5% to 26% below his estimate of its real worth.