Feb 1 (Reuters) - Shares in Pluxee rose 10% in morning trade as investors showed appetite for the spun-off vouchers unit of French caterer Sodexo on its market debut in Paris.

As of 0845 GMT, Pluxee shares were priced at 29 euros, beating the 26 euro reference price announced by stock market operator Euronext. That would imply a valuation of more than 4.2 billion euros ($4.5 billion).

The early investor appetite could be seen as a positive sign for recently sluggish European capital markets.

Proceeds raised on Europe's initial public offering market fell for the second year in a row in 2023, according to PwC, generating 10.2 billion euros, down 35% on the previous year.

But Sodexo had been confident in listing Pluxee, banking on the business to continue benefiting from a cost-of-living crisis, as employers turn to its vouchers to support staff without raising wages.

"As a pure player, we aim to sustain our profitable growth by reinforcing our global leadership position in the buoyant employee benefits and engagement market," said Pluxee CEO Aurélien Sonet in a statement.

The Bellon family will hold about 42.8% of the outstanding ordinary shares and 60.0% of voting rights, Pluxee said. ($1 = 0.9268 euros) (Reporting by Olivier Sorgho and Stéphanie Hamel; editing by Jason Neely and Kylie MacLellan)