Athens International Airport, the largest airport in Greece, announced on Monday that it will sell a 30% stake in the company through an initial public offering (IPO) on the Athens Stock Exchange in February, pending regulatory approvals. The airport confirmed a Reuters report that revealed the plan last week.
The IPO will also involve separate deals with two existing shareholders, AviAlliance and the Copelouzos family, who will have the option to increase their stakes by 10% and 1%, respectively. AviAlliance currently owns 40% of the airport, while the Copelouzos family holds 5%. The Greek government, through the Hellenic Republic Asset Development Fund, owns the remaining 30%.
The airport said that the IPO will reduce its free float to about 19%, implying a valuation of around 4.7 billion euros ($5.3 billion) based on its 2019 earnings. The airport handled more than 28 million passengers in 2023, representing 35% of the total traffic in Greece’s airports.
The IPO is part of Greece’s efforts to attract foreign investment and boost its stock market after recovering from a long debt crisis. The airport is a key asset for the country’s tourism-dependent economy, which has been hit hard by the COVID-19 pandemic.
Deutsche Bank, Morgan Stanley and BofA Securities will act as the lead underwriters for the offering.