Goldman Sachs is returning to the Spanish initial public offering market as it jointly leads the €1.6bn ($1.4bn) flotation of Enagas, the gas distribution arm of Gas Natural, potentially the largest IPO in Spain in 2002.

Goldman is joint global co-ordinator and bookrunner with three Spanish banks, Santander Central Hispano (SCH), Banco Bilbao Vizcaya Argentaria (BBVA) and La Caixa, the Barcelona-based savings bank.