Athens International Airport on Wednesday guided investors to the top of its €7.00–€8.20 range ahead of books closing at 2pm in London on Thursday for its all-secondary IPO.
Pricing at that level is perhaps unsurprising given the deal was covered at the top around 90 minutes after books opened on Thursday. The strong bid for the Greek airport operator reflects growing confidence in the market with Air Astana also on Wednesday announcing coverage throughout the range, with more than a week to go until books close on its IPO.
Pricing at the top would give Athens International Airport a base deal of €426.4m with shareholder investments making a total of €696m for the Greek state and an implied market capitalisation of €2.46bn.
A 10% greenshoe could add €42.6m and would mark the sale of the Hellenic Republic Asset Development Fund's entire 30% stake.
Bank of America and Morgan Stanley are joint global coordinators, Deutsche Bank is senior joint bookrunner and advising the HRADF, and joint bookrunners are Barclays, BNP Paribas, Deutsche Bank and HSBC. Bank of America is on stabilisation duties.