Lehman Brothers, which last led a European flotation three years ago, has picked up one of the four lead roles on the IPO of Belgacom, the Belgian telecoms firm.

The US bank was last a bookrunner on a European initial public offering in September 2000 when Jobline International, a Swedish recruitment firm, raised Skr700m (€77.5m), according to Dealogic, the investment banking research firm.