Quick stock profits of 30%

The placements of Greek listed companies have proven a goldmine for investors, who enjoy profits of over 30% in a very short period of time.

The six share disposal transactions since November, boosted by the recovery of investment grade by Greece and led by the divestment of the Hellenic Financial Stability Fund from Greek banks, have breathed new life into the stock market, attracting international and domestic portfolios, while they have also brought significant goodwill to shareholders of the specific listed companies. The strong demand in share disposal transactions reflects the attractive valuations of Greek companies, Axia Research comments.

Beyond the positive fundamentals, these placements have led to increased trading activity for the shares, creating a positive momentum for share prices, it adds. In the placements of National Bank, Athens International Airport and Piraeus Bank, international and Greek investors bid a total of 27 billion euros, while demand covered supply up to 12 times.

Up first was the disposal of the 22% held by the HFSF in National Bank last November. The divestment was carried out at €5.30 per share, with supply oversubscribed eight times.

This was followed by the entry of UniCredit into the share capital of Alpha Bank as a strategic investor in the same month. The Italian bank acquired 9% of the share capital of Alpha held by the HFSF

Then, in early December, the placement of Helleniq Energy took place. PanEuropean Oil and Industrial Holdings, which now own 40.4% of the company’s share capital, and TAIPED, which now owns 31.2%, offered 11% of their stake to investors. The offer was oversubscribed at €7 per share.

In mid-January 2024, it was the turn for the placement of 5.8% of GEK Terna. It attracted interest from foreign institutionals, fetching €6 million.

In early February, the initial public offering of Athens International Airport was completed, with the state selling 30%, while the total gross proceeds amounted to €784.7 million.

Finally, this week the complete divestment of the HFSF from Piraeus Bank took place, with offers reaching €10.7 billion.