Demand for shares in Athens International Airport was described as ‘strong’ today in what is the first significant IPO in Europe this year.
Greece's privatisation agency (HRADF) sold 90 million shares, or 30% of the airport, through a combined offering to Greek and foreign investors.
Orders were worth €8.6 billion the airport said in a statement, with the offer priced at €8.20, or the top end of the indicated range.
Athens International is valued at 2.46 billion at the issue price.
HRADF will raise €785 million from the sale with AviAlliance, which holds a 40% stake in the airport, to buy a further 10% at a premium over the IPO price, the airport said and Reuters reported.