JP Morgan has started pre-marketing for the $130m (€137m) flotation of ITI Group, the Polish media company, in the largest initial public offering on the Warsaw Stock Exchange in more than two years.

The IPO of Polski Koncern Naftowy (PKN) in November 1999 raised $581m. Dresdner Kleinwort Benson (now Dresdner Kleinwort Wasserstein) led the deal with BRE Bank.