JP Morgan has won its fourth Austrian mandate in three months with a secondary offering for Vöstalpine, the Austrian steelmaker, which could raise up to €469m ($511m).

Österreichische Industrieholding (ÖIAG), the Austrian state holding company, is planning a secondary offering for the steelmaker in which it holds a 34.7% stake. The stake is worth around €468.6m, based on the company's current market capitalisation.