Intercell, an Austrian vaccine developer, is pressing ahead with an initial public offering despite Paion, a German rival, having to cut the price of its flotation earlier this week.

Goldman Sachs is sole bookrunner and lead manager on the deal. It will be the bank's first Austrian IPO as a bookrunner since it led the flotation of Bank Austria Creditanstalt in July 2003 alongside JP Morgan and HVB.