Investors pounce on Athens airport IPO

Airport International in Athens

According to Greece’s finance minister, investor confidence in the country’s rebuilding economy was demonstrated by the high demand for the public auction of a thirty percent interest in Athens International Airport, which took place on Friday.

Following its introduction on January 25, the IPO raised 785 million euros ($855 million) thanks to a twelve-fold oversubscription, according to a statement from Finance Minister Kostis Hatzidakis.

On February 7, the shares are anticipated to go up for trade on the Athens stock exchange.

According to Hatzidakis, “the foundation is built through these initiatives to attract even more investment and for dynamic growth.”

The transaction defied two years in a row in which the global market for IPOs shrank.

Dealogic, a financial data platform, reports that just $121 billion was raised globally on stock markets, a further decline from $173 billion in 2022.
Greece’s economy is gradually improving following a nearly ten-year debt crisis that came to an official end in 2018.

The Mediterranean nation’s credit rating was raised to investment grade by US credit rating agencies Fitch and S&P Global Ratings last year.

In 2023, Athens airport handled over 28 million passengers, a 24 percent rise from the year before as travel has recovered after the Covid-19 pandemic.

The final offer price for the IPO was established at 8.20 euros per share, according to Athens Airport. This price was at the upper end of the initially disclosed price range, meaning that the market capitalization at listing was 2.46 billion euros.

More than 8.6 billion euros were demanded, according to the airport.

Greece intends to use privatization to generate 5.77 billion euros by 2024.

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