Athens airport IPO attracts strong demand after two-year lull in Europe

The initial public offering of a 30% stake in Athens International Airport, Greece's largest gateway for tourists, attracted strong demand, the airport said on Friday, marking the first successful launch of a major IPO in Europe this year. The offering, which started on Jan. 25 and ended on Thursday, comes after a lull of two years for initial public offerings in Europe, as soaring debt costs and geopolitical uncertainty dampened sentiment towards new stock listings. Last year was the worst for global IPOs since 2009 with $120b raised, according to Dealogic data. Greece's privatisation agency (HRADF) is selling 90m shares, through a combined offering to Greek and foreign investors and existing shareholders, in the country's biggest IPO since its 2010-2018 debt crisis. Investors' orders topped E8.6b, the airport said, adding that the offer was priced at E8.20 per share, at the upper end of the range of E7.00 to E8.20 , valuing the whole company at E2.46b. Greece is a top tourist destination in the Mediterranean and Athens airport handled more than 28m passengers last year, accounting for 35% of passenger traffic through all the nation's airports. HRADF will raise E785m from the deal, as AviAlliance, which holds a 40% stake in the airport, has agreed to buy a further 10% at 9.758 euros per share, a premium over the IPO price, the airport said.<br/>