Greek strategic investment specialists have set an offer price of €8.20 ($8.85) per share for a planned initial public offering of stock in hub operator Athens International Airport.
The Hellenic Republic Asset Development Fund is offering 90 million shares – representing 30% of the airport operator – as part of its remit to assist the Greek government in attracting investors.
Athens International Airport states that the offering covers eligible international institutional investors outside of Greece, and a public offer to retail and other investors within Greece.
The institutional component comprises 77.8 million shares and the Greek component has 12.2 million shares.
Nearly 5.2 million of the overall 90 million shares had been considered an over-allotment batch to cater for excess demand.
The airport operator says the offer generated “strong interest” from investors domestically and internationally, with demand totalling over €8.6 billion – indicating a 12-fold oversubscription.
Hellenic Republic Asset Development Fund has set the €8.20 offer price, the highest end of the proposed range of €7.00-8.20.
Both the institutional and Greek components have the same offer price, although German-based airport management company AviAlliance is paying a premium €9.75 per share as part of the institutional offering.
Athens International Airport has applied for admission to the Athens stock exchange for listing and trading its shares. The detailed allocation of shares will be disclosed on 6 February.
