Greece Is Said to Raise €785 Million in IPO of Athens Airport

Sotiris Nikas and Paul Tugwell, Bloomberg News

A traveler arrives at Athens International Airport SA in Athens, Greece on Jan. 24. , Bloomberg

(Bloomberg) -- Greece priced the initial public offering for a stake in the Athens International Airport at the top end of its range to raise about €785 million ($852 million) in the country’s biggest listing since the turn of the century.

The nation, which has a 30% holding through the Hellenic Republic Asset Development Fund, sold 90 million shares for €8.20 apiece, according to people familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly about the matter. Greece received offers totaling €8 billion for a sale that was marketed at €7 to €8.20 per share, one of the people said.

The funds raised includes a premium paid by AviAlliance GmbH for a 10% stake, one of the people said. The German-based operator will now have a 50% holding in Greece’s largest airport, known as Eleftherios Venizelos.

A spokesperson for the Hellenic Republic Asset Development Fund declined to comment.

The demand comes as another vote of confidence in Greece’s economic recovery after the nation regained investment-grade status for its sovereign debt from ratings agencies late last year, marking the end of more than a decade of turmoil. The Athens Stock Exchange hasn’t seen a listing above the $1 billion mark since PC Systems SA in 2000, with the share sale of the airport seen as a catalyst for more deals.

Morgan Stanley and Bank of America Corp. acted as joint global coordinators on the deal.