The initial public offering of Telefónica Deutschland, the largest public offering in Europe this year, has helped UBS cement its position at the top of the regional IPO rankings, as the bank shifts back towards its Warburg roots.

Telefónica Deutschland, the German subsidiary of the Spanish phone company, raised €1.45bn when it priced yesterday. JP Morgan and UBS placed 258.75 million shares with investors at an issue price of €5.60, according to a company statement this morning.