St-Gobain chances IPO market with Verallia listing

* Indicative IPO price range 29.50 to 36 euros/share * Price discounted to account for tough market * To raise 958 mln-1.1 bln eur in IPO of 40-46 pct stake * Shares due to start trading on June 22 * Verallia eyes 3-5 pct annual organic net sales growth (Adds detail, background, share price) France's Saint-Gobain plans to brave tough conditions in the European market for initial public offerings and list its glass packaging unit in order to focus on home and construction products.

The glassmaker said it would sell 40 percent of Verallia to investors, raising up to 958 million euros ($1.4 billion). It could raise the amount to 46 percent if demand was strong enough, leading to proceeds of as much as 1.1 billion euros ($1.6 billion.)

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