IntercontinentalExchange Group, Inc. is floating its European stock exchange Euronext as an independent company.

Atlanta-based ICE said Tuesday it is launching an initial public offering of ordinary shares in Euronext NV. The pan-European company operates exchanges in Paris, Amsterdam, Brussels and Lisbon.

ICE said the move "is expected to enhance operational efficiency and achieve cost savings."

Euronext says it could see increasing market activity as the European economy recovers.

Euronext merged with the New York Stock Exchange or NYSE in 2006, and the joint company was bought by ICE last year in a deal worth about $8 billion.