Luxury sneaker brand Golden Goose Group SpA priced its initial public offering at €9.75 a share, near the bottom end of a marketed range, according to terms seen by Bloomberg.

The IPO was marketed for €9.50 to €10.50 per share. Demand for the offering exceeded the deal size at that expected price level and above, the terms showed.

Assuming the full deal size of 61.1 million shares is placed, the total offering size could be as much as €595.7 million ($639 million), valuing the company at about €1.7 billion, according to Bloomberg calculations.

Golden Goose shares are set to start trading on June 21. The IPO will be Milan’s biggest since at least the €599 million sale by gambling company Lottomatica SpA in May last year.

The company was set to sell about 10.5 million shares, while majority-owner Permira was to offer 43.6 million existing shares, according to a previous statement. Invesco Advisers Inc. had agreed to be a cornerstone investor taking a €100 million stake at the final price.

Still, since the company started the IPO process, the market environment has been deteriorating in Europe, with recent volatility unleashed by political upheaval in France. The MSCI Europe luxury index has dropped 2.8% so far in June, with Moncler SpA down by around 6.7%, Burberry Group Plc down 4.8% and Louis Vuitton owner LVMH down 3%.

Golden Goose plans to use the IPO proceeds to pay down debt. The company is targeting net sales of about €1 billion by 2029, up from €587 million last year.

Bank of America Corp., JPMorgan Chase & Co., Mediobanca SpA and UBS Group AG are arranging the offering.