AIA listing may be this May

State asset utilization fund TAIPED aspires to have Athens International Airport’s stock listed in Athinon Avenue in the first half of the year, at a valuation that ranges between 2.7 and 3.3 billion euros, depending on market conditions, TAIPED Managing Director Dimitris Politis told Bloomberg on Wednesday.

However, for the listing to be completed by mid-2023 a new amendment to the concession agreement (which expires in 2046), must first be passed by Parliament. The amendment is necessary to include corporate governance provisions required for a listed company and for relations between shareholders.

When the Greek government decides to bring the issue to Parliament for a vote it will also determine the timing of the public registration. Market sources, however, estimate the second half of May as the most likely period for the listing, as long as everything runs smoothly and the elections do not cause delays.

Besides TAIPED, which owns 30%, a percentage which will be allocated during the public listing, AIA’s shareholders also include the so-called Greek Superfund of state assets (with 25%, which it will keep in its portfolio), AviAlliance GmbH (26.7%) and AviAlliance Capital GmbH (13.3%), both controlled by the Canadian insurance fund PSP Investments, and the Copelouzos family (5%).

If the estimate for a market capitalization of between €2.7 and 3.3 billion is confirmed, this means that the 25% stake in AIA, which the Superfund will hold in its portfolio, will be worth between €675 and €825 million, while the 30% stake to be conceded will generate income between €800 million and €1 billion for TAIPED.

Politis confirmed the agreement between the state and PSP Investments (which controls a total of 40% and the management) that provides for the right of the latter to acquire, upon the listing of TAIPED’s stake on the stock market, an additional percentage of 10%, but at a significant premium in relation to the share price to be established at the bourse.