Antena 3 de Televisión, the Spanish broadcaster, has become the first company to float in Spain in over a year, allowing its parent, Telefónica, to meet a strict deadline for the completion of the initial public offering.

The Spanish telecommunications group had to float its television arm by the end of November to meet the conditions of a sale earlier this year. Grupo Planeta, the Spanish media company, and De Agostini, the Italian publisher, won an auction to buy 25.1% of Antena 3 in May with an offer that valued it at €1.45bn ($1.68bn). A condition of the deal was that Antena 3 was listed in Spain within seven months.