July 6 (Bloomberg) -- French director Luc Besson's film company raised 70 million euros ($95.3 million) in an initial share sale to finance big-budget international movies.

EuropaCorp SA, Besson's Paris-based production and distribution company, sold 4.51 million shares at 15.5 euros each, it said in an e-mailed statement. Underwriters have the option until Aug. 3 to sell a further 451,612 shares, which would bring the total raised to 77 million euros.

Besson, who wrote the script for movies including ``The Big Blue'' and ``The Fifth Element,'' will own 61.8 percent of the company after the stock sale, assuming the sale's managers exercise their option.

The stock began trading today on Euronext. The shares rose 29 cents, or 1.9 percent, to 15.79 euros.

The company had sought to sell as many as 5.5 million shares at 14 euros to 16.25 euros each. ABN Amro Rothschild and Lazard-Natixis advised EuropaCorp on the sale.

Chief Financial Officer Raphael Durand said in an interview last month that the company wants to increase budgets for movies for the international market. EuropaCorp plans to boost spending on certain international films to more than 70 million euros from a current 25 million euros, he said.

EuropaCorp will continue producing and distributing eight to 12 movies a year and wants to increase spending on two or three big-budget movies a year, Durand added.

The filmmaker's sales increased 7 percent to 158.6 million euros in the 12 months ended March 31. Net income rose to 8.2 million euros last year from 5.8 million euros in 2005. EuropaCorp has been profitable every year since it started producing and distributing movies in 1999.

To contact the reporter on this story: Phil Serafino in Paris at pserafino@bloomberg.net.

Last Updated: July 6, 2007 12:04 EDT