UPDATE 2-Olympique Lyon boosted by successful share float
(Add stock exchange confirmation of price)
PARIS, Feb 8 (Reuters) - Fans and investors have flocked to buy shares in French soccer champions Olympique Lyon despite a loss of form on the pitch that has scraped some of the shine off one of France's most successful sporting brands.
An initial public offering of shares in parent company OL Groupe was more than six times oversubscribed and has been priced near the top of its indicative range at 24 euros a share, the stock exchange said, confirming a Reuters report.
That values the club and its players, who include Brazilian playmaker Juninho and Czech striker Milan Baros, at 312 million euros ($405 million), before an option for last-minute shares.
Lyon are the first soccer side to take advantage of a change in French law that allows sporting clubs to float on the market.
Playing in distinctive white outfits, Lyon are gunning for a sixth straight title in France's Ligue 1 but have struggled in recent matches to recapture their early season form.
Despite an 11-point lead, Lyon have not won in the French top flight since Dec. 17. Winning the domestic competition guarantees access to the money-spinning European Champions League and a share of television revenues.
The football representatives of Lyon, France's gastronomic capital, are the world's 11th richest club, according to the Football Money League published by consultants Deloitte on Thursday. Continued...
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