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

ATHENS, Feb 2 (Reuters): The initial public offering of a 30 per cent 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 $120 billion raised, according to Dealogic data.
Greece's privatisation agency (HRADF) is selling 90 million 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 8.6 billion euros ($9.36 billion), the airport said in a statement, adding that the offer was priced at 8.20 euros per share, at the upper end of the range of 7.00 to 8.20 euros, valuing the whole company at 2.46 billion euros.
Greece is a top tourist destination in the Mediterranean and Athens airport handled more than 28 million passengers last year, accounting for 35 per cent of passenger traffic through all the nation's airports.
HRADF will raise 785 million euros from the deal, as AviAlliance, which holds a 40 per cent stake in the airport, has agreed to buy a further 10 per cent at 9.758 euros per share, a premium over the IPO price, the airport said.