Greece’s finance minister, Kostis Hatzidakis, revealed on Friday that the public sale of a 30-percent stake in Athens International Airport witnessed robust demand, signaling a vote of confidence from investors in the country’s resurging economy. The initial public offering (IPO) was oversubscribed twelvefold, resulting in a significant 785 million euros ($855 million) being raised since its launch on January 25.
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The shares are slated to commence trading on the Athens stock exchange on February 7, marking a positive development for Greece’s economic recovery. Minister Hatzidakis expressed optimism, stating that these initiatives create a foundation for increased investment and dynamic growth in the country.
This successful IPO contrasts with two years of subdued global demand for initial public offerings. According to financial data platform Dealogic, a mere $121 billion was raised on stock markets worldwide, further decreasing from $173 billion in 2022.
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Greece’s economic resurgence follows a near-decade debt crisis officially concluded in 2018. Last year, US credit ratings agencies Fitch and S&P Global Ratings reinstated the Mediterranean nation to investment grade. The thriving tourism sector, with over 28 million travelers passing through Athens airport in 2023 (a 24-percent increase from the previous year), has contributed to the country’s positive economic trajectory.
The IPO’s final offer price was set at 8.20 euros per share, at the upper limit of the initially announced price range, indicating a market capitalization of 2.46 billion euros at listing. The demand surpassed 8.6 billion euros, underscoring the strong interest from investors.
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Greece aims to generate 5.77 billion euros through privatization in 2024, further underlining the government’s commitment to economic revitalization and attracting investments.
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