Amundi is pricing shares in an initial public offering near the bottom of its range as stock market swings damp investor interest in sales.

Amundi’s offer is fully covered at 43 euros to 45 euros a share, according to a term-sheet update on Monday. At that value, Societe Generale can raise as much as 1.5 billion euros ($1.6 billion) selling its 20 percent holding in the asset manager to bolster capital. The offer ends Wednesday at 1 p.m. and Amundi’s Paris trading debut is scheduled for Nov. 12.

Concerns on China’s growth outlook during the summer resulted in volatile stock markets, creating more difficult markets for smaller IPOs. French music-streaming site Deezer SA delayed a share sale in in October. Still, larger offerings such as ABN Amro Group NV’s plan to raise as much as 4.3 billion euros continue to go forward.

Amundi kicked off the IPO at the start of November with a price range of 42 euros to 52.50 euros, which would have raised as much as 1.75 billion euros for Societe Generale and created the biggest asset manager on the European continent with a market value of 8.8 billion euros. At the top of the current range, the market value will be about 7.5 billion euros.  Schroders Plc of the U.K. has a market value of about 8.1 billion pounds ($12.3 billion.)

Amundi was created in 2010 by the merger of Societe Generale’s and Credit Agricole SA’s fund-management businesses. Credit Agricole will remain Amundi’s largest investor after raising as much as 225 million euros by selling about 5 million shares to the public. Credit Agricole is also selling about 2 percent of its 80 percent stake to a unit of Agricultural Bank of China Ltd.

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