Greece Plans IPO for Athens International Airport in February

Greece plans to conduct an IPO for Athens International Airport, the largest airport in the country, on the Athens Stock Exchange next month, according to sources.

The government aims to sell a 30% stake owned by the Hellenic Republic Asset Development Fund (HRADF), their privatization agency. Previous attempts to sell the stake to private investors were halted due to the impact of COVID-19 on global travel. The airport is also owned by the Greek sovereign wealth fund HCAP, who hold a 25% stake. Last year, the airport saw a significant increase in passenger traffic, mainly from foreign nationals.

The IPO is expected to involve a 19% stake in the airport, with the listing set to take place in the first half of February. The HRADF official stated this anonymously. It was previously announced by another official that the agency planned to list the airport in the first quarter of 2024 and sell an additional 10% stake to Germany-based airport manager AviAlliance at a premium to the IPO price. The Copelouzos family, who currently own 5% of the airport, will also purchase a 1% stake. On Thursday, the Greek parliament is expected to approve amendments to a 1995 agreement between the state and the airport company, facilitating the listing process.

These actions are part of Greece's efforts to attract private investors and reduce debt. State asset sales have been a crucial component of the country's three international bailouts, totaling around 260 billion euros between 2010 and 2018. Despite being the most indebted nation in the Eurozone, Greece has managed to overhaul state companies and drive economic growth through these measures.