Morgan Stanley and Deutsche Bank have launched the bookbuilding for the €838m ($1bn) initial public offering of Siltronic, the German silicon wafer manufacturer, as the US bank leads four European IPOs.

Morgan Stanley is currently bookbuilding for two telecoms IPOs. The €4bn IPO of Belgacom, the Belgian group, is being led by Morgan Stanley, Goldman Sachs, Lehman Brothers and UBS. Morgan Stanley and Goldman are also running the flotation of Eircom, the Irish fixed-line operator, with Citigroup and Deutsche.