February 20, 2024

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Sh. Venizelos: largest listing on the Athens Stock Exchange in 18 years – Economic Courier

Sh.  Venizelos: largest listing on the Athens Stock Exchange in 18 years – Economic Courier

The largest company listing on the AX Index in the past 18 years is that of Athens International Airport, with a capitalization exceeding €2.5 billion.

This was confirmed by the speakers during the short ceremony that preceded AIA CEO Giannis Parachis “ringing the bell” to open the stock exchange session.

The Chairman of the Amman Stock Exchange, Yiannis Kontopoulos, also confirmed that the introduction of the AIA to the Amman Stock Exchange is an important event for the stock market. The airport's managing director, Giannis Parachis, confirmed that the airport's international airport is ranked among the most famous airports and has received international awards. He added that more than 27 years after its establishment, it is taking another decisive step in development.

Minister of National Economy and Finance Kostis Hatzidakis described the shareholders' submission as more than satisfactory and added that it represents a great success for the airport, AX, the economy and Greece.

Transport Minister Christos Staikouras confirmed that the airport has added 69 new destinations and new partnerships with 32 airlines in the past five years.

TAIPED Managing Director Dimitris Politis noted that the participation of Greek and foreign investors in the AIA IPO exceeded all expectations and we hope it will be a decisive step in raising the level of foreign interest in Greece.

Finally, Grigoris Dimitriadis, Managing Director of Hyperfund, described the day as important and reminded that Hyperfund remains a 25% shareholder in AIA.

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Debut with 15% jump

At 11.25, AIA shares were trading at €9.44, an increase of 14.12%, while it opened at €9.50, an increase of 15.85%.

The unprecedented demand from abroad and at home confirms a vote of confidence not only in the AIA but also in the Greek stock market and the Greek economy, as the introduction of the airport to AX coincided with the recovery of investment grade from Greece. nation.

The stake, agreed by local analysts, combines a guaranteed dividend, a high dividend yield for new shareholders from the 2023 results, the fact that the investment is considered low-risk and positive prospects for Greek tourism. These elements have made investing in AIA shares particularly attractive for investors, which in the coming years will implement a significant investment program.

In the FTSE Russell index, there is the AIA index

The AIA stake is expected to enter the FTSE Russell indices as well, according to a related company announcement. As he explains, the review will take place on the first day of trading, which according to the schedule is February 7th.

From left, Yiannis Parachis, Elena Kobelozo, Kostas Spyropoulos, Eftichis Vassilakis

According to FTSE Russell, if the criteria and entry threshold are met to join the FTSE Global Equity Index, this will take place after the close of business on 13 February (i.e. from Wednesday 14 February 2024).

Investments

Athens International Airport plans a total investment of €1.35 billion until 2033. The first phase until 2028 includes investments worth €700 million and anticipates the expansion of the terminal as well as parking areas. It is estimated that with these Venizelos will be able to serve 33 million passengers.

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The second phase until 2033 expects investments worth 650 million euros for further expansion of stations and parking spaces. It is estimated that it will be possible to serve 40 million passengers.

It is noteworthy that, according to the information sheet, in 2046, Athens International Airport “Eleftherios Venizelos” will serve about 43.7 million passengers, which is close to the maximum of 50 million passengers, from the 28.2 million passengers it serves by 2023.

Company announcement

“Athens International Airport SA (the “Company” or “AIA”), the operator of the largest airport in Greece, today announces the listing of its shares for trading (“Listing”) on the main market of the regulated securities market of the Athens Stock Exchange (the “Listing”). .. Trading will begin at 10:30 am. Greek time with symbol “AIA”.

As announced on 2 February 2024, the selling price for the public offering of AIA by Public Private Equity Development Fund SA (the “Public Offer”) of 90,000,000 shares (the “Offer Shares” and the “Offer”) was set at 8.20, meaning Implying a market value of €2.46 billion at the time of listing, calculated on the basis of a total number of shares of 300,000,000 shares of AIA. Proceeds from the offering amounted to approximately €785 million, as a result of the purchase of 30,000,000 shares by AviAlliance at a price of €9.758 per share, in accordance with the corresponding basic investor agreement, which provides for the payment of a commission.

Mr. Ioannis Parachis, Managing Director and CEO of AIA, said: “The moment for which we have worked so hard all this time has arrived. As of today, AIA shares have become available to the investing public and with them, a landmark public offering for the Greek market has been completed. I extend my sincere thanks to all who They worked to achieve this success, as did the investment community for its great participation and strong confidence in the company and our development plans.”

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