Virtuelles Emissionshaus (VEM), the German online distribution platform, is attempting to buck the trend of failing internet brokers by selling its largest flotation yet, a €19m ($17m) initial public offering.

The only issue for which the firm has previously been sole bookrunner was a €3m IPO in the summer, according to Dealogic, the investment banking research firm. Now it is leading not only the €19m deal for Vivacon, a property developer, but also a €9.5m listing for Baum, a consultancy group that has closed the books for its IPO but has yet to start trading.