The German appetite for large initial public offerings is tested for the third time in two months next week when Deutsche Bank and Goldman Sachs float Wincor Nixdorf, Europe's second largest cash machine maker, for €432m ($511m).

Wincor Nixdorf's offer is the first sizeable new issue in the German market for 18 months. Mitteldeutsche Fahrradwerke, a bicycle group, is due to list two days before Wincor but, at £25m, is not regarded as an acid test.