Probitas Pharma, the bio-pharmaceutical group, has confirmed its plans to list in Madrid this summer, but has declined to comment on valuation or advisers.

Morgan Stanley is ranked first in the league table of Spanish ECM, according Dealogic, the investment banking research firm, and is advising on an offer from Telecinco, the Spanish broadcaster, with Banco Santander Central Hispano, the Spanish bank, Dresdner Kleinwort Wasserstein and JP Morgan.