The IPO of Wind, the telecoms business of Enel, the Italian electricity firm, could raise as much as €4.8bn ($4.3bn) in what is likely to be this year's first test of investor appetite for a new issue from the telecoms sector in Europe.

The deal will set the scene for other potential telecoms IPOs, such as T-Mobile, Deutsche Telekom's mobile business, and Albacom, Italy's third-largest telecoms operator.