Athens Airport IPO 12 times oversubscribed, with offers exceeding 8.0 billion euros

An initial public offering of a 30% equity stake in Athens International Airport by Hellenic Republic Asset Development Fund (HRADF) was around 12 times oversubscribed with demand exceeding 8 billion euros, HRADF announced on Friday.

An initial public offering of a 30% equity stake in Athens International Airport by Hellenic Republic Asset Development Fund (HRADF) was around 12 times oversubscribed with demand exceeding 8 billion euros, HRADF announced on Friday.  More specifically, HRADF said that following the announcement of January 24, 2024, regarding the initial public offering of its 30% shareholding in “ Athens International Airport S.A.”, corresponding to 90,000,000 existing ordinary registered voting shares, each with a nominal value of 1.00 euro (the “ Offer Shares”), in the context of the listing of all 300,000,000 ordinary shares issued by the Company for trading on the Regulated Securities Market (Main Market) of the Athens Exchange, announced hat its Board of Directors, dated February 1, 2024, approved, inter alia: (a) The offering of the total number of Offer Shares, i.e. 90,000,000 existing ordinary registered shares of the Company, including 5,181,818 over-allotment shares, due to excess of demand; (b) the allocation of 12,200,000 Offer Shares to the Greek Public Offering, i.e. 13.56% of the Offer Shares; and (c) the allocation of 77,800,000 Offer Shares to the Institutional Offering i.e. 86.44% of the Offer Shares.  According to the same resolution of the Board of Directors of HRADF, the offering price was determined, based on the results of the book-building process conducted from 25.01.2024 to 01.02.2024 in the Greek Public Offering and in the Institutional Offering, at 8.20 euros per share, i.e at the highest price of the offering price range, which was decided by the Selling Shareholder’s Board of Directors on January 22, 2024.  The Offering Price in the Greek Public Offering and the Institutional Offering is identical, except for the price to be paid by AviAlliance for the purchase of Offer Shares as part of the Institutional Offering, which amounts to € 9.758 per Ordinary Share, in accordance with the AviAlliance Cornerstone Agreement, which provides for the payment of a premium, as more specifically described in the Prospectus. The Combined Offering saw strong interest from investors globally and in Greece, with total demand at the final Offering Price in excess of € 8bn, implying an oversubscription level of c. 12 times for the entire Combined Offering (including cornerstone investors) and over 20,000 individual applications received relating to the Greek Public Offering. The detailed allocation to the various categories of investors will be announced on 6.2.2024. National Economy and Finance Minister Kostis Hatzidakis, commenting on the successful completion of the IPO said it was another step forward for the Greek economy and noted that successful privatisations of the last seven months supported the country’s investment momentum. “The strong investment interest, which oversubscribed the offer by 12 times, raises the offer price to the upper limit and the state’s revenue to 785 million euros. The listing of the Athens airport on the Greek stock market significantly strengthens the Greek capital market with the addition of a large capitalisation company. This development follows other initiatives put forward in the last seven months since the general elections, such as the state’s disinvestment from Eurobank, Alpha Bank and National Bank, the selling of Helleniq Energy shares, concession contracts for regional ports and the concession contract for Attiki Odos. All these moves have been met very positively by investors and markets, evidence of trust towards the Greek economy.”

Athens Airport IPO 12 times oversubscribed with offers surpassing 8 billion euros https://t.co/rYoW1X7c5O pic.twitter.com/48JyapBHIO

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