Finally: Greece to Offer 30% Stake in Athens Airport Via IPO
- Greece has announced preparations to sell a 30% share of Athens International Airport through an initial public offering (IPO) expected in February 2023.
Current Ownership Structure
- Athens Airport's top shareholders are AviAlliance GmbH with a 55% stake and the Copelouzos family holding 5%.
- Both will have the option to increase their holdings via the upcoming share offering.
The Public Listing
- Greece appointed Deutsche Bank to jointly run the books. Morgan Stanley and Bank of America Securities will serve as joint coordinators.
- The IPO valuation may reach €1 billion, subject to market conditions.
Sign of Greece’s Economic Recovery
- Selling part of a strategic asset like Athens Airport signals Greece’s post-debt crisis recovery and restored financial credibility after regaining investment grade status.
- Greece also aims to spur equity activity on the Athens Stock Exchange through such high-profile listings.
Athens Airport Vital Statistics
- Athens Airport served over 28 million passengers in 2022, up 24% year-on-year.
- Over 19 million were international travelers, as tourism hit new highs.
Airport Privatization Trend
- Many countries privatize airports to raise funds, increase management efficiency under the profit motive, and improve service quality.
- Global investors are attracted to the stable cash flows offered by major transportation hubs like Athens.
Conclusion
- By offering 30% of Athens International Airport shares to stock market investors, Greece seeks to profit from investor appetite for state assets during its ongoing economic rebound.
