Greece Launches Major IPO for 30% Stake in Athens International Airport, Anticipating 1.2 Billion Euros Revenue

Greece is set to initiate the initial public offering (IPO) for a 30% share in Athens International Airport, potentially generating up to 1.2 billion euros ($1.3 billion) for the state.

The offering comprises 90 million shares available to Greek and foreign investors and existing shareholders. This represents Greece's most significant IPO since the 2010-2018 debt crisis.

The operator of Greece's largest airport, Athens International Airport, has established the IPO price range at 7.0 to 8.2 euros ($7.62 to $8.92) per share. The IPO is scheduled from January 25 to February 1, with final pricing determined after the six-day book-building period.

The listing on the Athens Stock Exchange is anticipated in February, with an estimated 19% free float.

The Greek government foresees raising up to 1.2 billion euros through the sale and a substantial company dividend linked to the IPO. In connection with the IPO, Athens International Airport has committed to a 685 million euro dividend, with over half directed to government entities. AviAlliance, holding a 40% stake in the airport, has agreed to purchase an additional 10% at a premium over the IPO price as a cornerstone investor.

With the dividend, IPO, and cornerstone investment, Greece could raise over 1 billion euros in proceeds. Tourism-dependent Greece, having handled over 28 million passengers at Athens airport in the previous year, aims to capitalize on the robust passenger traffic, constituting 35% of the nation's total.