Athens Airport Stock Market Listing Procedure Begins

Photo source: HRADF

The listing procedure of Athens International Airport (AIA) SA on the Athens Stock Exchange (ASE) has begun and is scheduled to be completed in the first fortnight of February, the company announced on Monday.

“AIA is well-placed to build on its record of strong financial performance and capitalize on its leading position in an attractive market,” said Gerhard Schroeder, the managing director of AviAlliance, AIA’s largest private shareholder. “We have been supporters of AIA’s management team since the opening of the airport in 2001 and are confident in their ability to deliver the IPO as part of its wider plans.”

AIA, known also as “Eleftherios Venizelos Airport”, is Greece’s largest handling over 28 million passengers in 2023 while surpassing pre-Covid 2019 levels by 10.2 percent outperforming many of its European peers. The airport has repeatedly been awarded for performance in several key areas. In 2022, it was among the top four best-performing airports in Europe, according to Eurocontrol. It also ranked 4^th best airport with regard to punctual departure (within 15 minutes) as most other European airports were hit by ongoing multi-hour delays and baggage chaos. In 2023, it was among the winners of ACI Europe’s Best Airport Awards 2023 recognizing excellence and outstanding achievement. It currently employs more than 16,000 people in over 370 companies making it one of the country’s largest employers.

Photo source: Shutterstock

The IPO on the ASE is expected to be the largest in over 15 years in terms of total proceeds and marks a key milestone for AIA, Greece, and for local capital markets.

AIA announced that it would listing its ordinary shares on the Main Market of the ASE’s Regulated Securities Market.

Commenting on the news, Chairman of AIA’s Board of Directors, Riccardo Lambiris, said the listing was a critical step in AIA development, further enhancing the “delivery of business through an updated governance model reflecting commercial best practice”.

Shareholders in Greece’s largest airport include the Greek state which holds a total of 55 percent through the Hellenic Corporation of Assets and Participations (25 percent) and the Hellenic Republic Asset Development Fund-HRADF (formerly TAIPED, 30 percent), AviAlliance (40 percent), and Copelouzos Group (5 percent).

“I am delighted to lead AIA through what will be a landmark IPO in Greece and in our industry. The involvement of a broader group of investors, exposure and ability to tap into capital markets, and alignment with international best practice will further strengthen AIA by adding new perspectives and capabilities for the next phase of our development,” said AIA CEO Yiannis Paraschis.

The country’s largest airport accounts for approximately 35 percent of total aviation traffic to Greece.