The Spanish bio-pharmaceuticals group Grifols, which has tried to float twice before, launched its €960m ($1.2bn) initial public offering last week. It is set to be Spain's largest IPO since the €1.3bn float of Cintra, the Spanish toll road operator, in 2004. Grifols could raise up to €320m from selling 71 million new shares at €4 to €4.50 each. Morgan Stanley is leading the deal.

Goldman frozen out