Greece Launches Historic Athens International Airport IPO

Greek authorities announced the launch on Thursday of an initial public offering (IPO) for a 30 percent stake in the operator of Greece’s largest airport, Athens International Airport SA, to run through to February 1.

The Capital Market Commission approved the IPO bulletin on Wednesday. AIA has set the IPO price range between 7.0 and 8.2 euros per share. The final pricing will be set after the six-day book-building period.

Greece is aiming to sell a 30 percent stake or 90 million shares in AIA through a combined offering to Greek and foreign investors as well as to existing shareholders and to list the asset. According to local media, the sale could generate up to 1.2 billion euros for the Greek state.

Initial trading on the Athens Stock Exchange (ASE) of common shares is scheduled to begin on February 7 with the company’s free float set at approximately 19 percent, AIA said.

The IPO on the ASE is one of the largest in over 15 years when the country fell into its debt crisis and marks a key milestone for AIA, Greece, and for local capital markets.

AIA, known also as “Eleftherios Venizelos Airport”, is Greece’s largest handling over 28.2 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 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. By 2046, the number of passengers through AIA is expected to reach 43.7 million. Last fall, AIA was ranked 9th among Europe’s 10 Airport Megahubs, according to the Megahubs Index 2023 released by OAG. In 2019, the airport ranked 56th.

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.

Shareholders in AIA 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).

Handling approximately 35 percent of total aviation traffic to Greece, AIA’s operating revenues in 2022 came to 476.9 million euros (40 percent of which is non-aviation) up from 382.2 million euros in 2021 with EBITDA at 328.3 million euros from 282.4 euros in 2021.