Goldman Sachs has lost out to Deutsche Bank on the initial public offering mandate pitch to run Telenor Media, the media directories business which Norwegian telecoms firm Telenor hopes to float on the Oslo Stock Exchange later this year.

Telenor said on Thursday it had chosen Deutsche Bank and DnB Markets to manage a possible summer IPO for Telenor Media, which analysts have said could be worth as much as Nkr7bn (€855.3m). It confirmed its choice of Deutsche as an international bookrunner had been at the expense of rival Goldman Sachs.