Media Capital, the broadcasting and advertising group, has launched the first large Portuguese initial public offering in four years as it hopes to raise up to €250m ($309m).

The last IPO in Portugal that raised over €100m was in June 2000, according to Dealogic, the investment banking research firm. Deutsche Bank and Banco Portugues de Investimento led the €221m IPO of Impresa, another media company. Gescartao, a Portuguese packaging company, raised €43m in its IPO last year.