The German arm of Spain’s largest phone company has revealed details of its pending IPO, which is set to be the largest European listing this year and the biggest in Germany since 2007.

Telefónica Deutschland is set to list in Frankfurt on October 30 for €1.5bn, floating up to 23% of the firm, according to a statement this morning. The IPO bookbuilding process is set to begin tomorrow. JP Morgan and UBS are the global coordinators and joint bookrunners.