Head, the Austrian sports equipment manufacturer, is to float on the Vienna Stock Exchange and in New York later this year, in one of the first decent-sized Austrian IPOs of the year. Apart from a handful of technology companies that have listed on the Neuer Markt in Frankfurt, the Austrian IPO market has been one of the quietest in Europe. The Vienna Stock Exchange is one of the smallest and worst-performing markets in Europe. Morgan Stanley, Goldman Sachs and CA IB have been chosen by John Eliasch, the London-based owner of Head, to handle the deal. Morgan Stanley will run the books on the international offer. The deal should coincide with the &euro1.5bn IPO of Telekom Austria, which is scheduled for this autumn and is being led by Merrill Lynch.