JP Morgan is one of four banks preparing to launch Spain's largest initial public offering for two years with the flotation of Telecinco, the Spanish broadcasting group. It comes a day after the US bank was forced to pull another European float because of weak market conditions.

Telecinco could raise up to €753.13m ($916.2m) when its starts trading on June 24, valuing the company at €2.5bn. JP Morgan is a bookrunner alongside Dresdner Kleinwort Wasserstein, Morgan Stanley and Santander Central Hispano.