Cleary Gottlieb & Steen Hamilton and Sullivan & Cromwell have taken lead roles on the €1bn (£900m) French initial public offering (IPO) of a subsidiary of luxury goods company PPR.

PPR, the holding company of brands such as Gucci and Puma, is set to list its African distribution unit CFAO, marking the first significant IPO in the French market since 2007.

The float also comprises a secondary offering that will reduce PPR's stake into CFAO below 50%, with the remaining shares made available to the public though placings.

PPR was advised by a team from Cleary's Paris office led by capital markets partners Pierre-Yves Chabert and John Brinitzer. A separate team Cleary team is advising CFAO on a €300m (£270m) credit facility, with corporate partner Valerie Lemaitre taking the lead role.

Sullivan came in for the banks acting as joint lead managers and joint bookrunners, including BNP Paribas, Calyon, Goldman Sachs and Societe Generale.

The team from Sullivan was led by Paris-based partners Olivier de Vilmorin and Krystian Czerniecki.

The transaction, which launched on 16 November, is expected to price at the beginning of December and close thereafter.

CFAO imports and distributes automobile and pharmaceutical products throughout 31 countries in Africa.

The latest European IPO is another indication that the appetite for public offerings is returning. Last week Cleary lined up alongside Freshfields Bruckhaus Deringer and Linklaters on hedge fund manager Gartmore's £1bn listing in London.