DVLaw acted as Greek counsel to the Hellenic Republic Asset Development Fund (HRADF), as selling shareholder through IPO of its 30% stake in Athens International Airport S.A. (AIA) and listing and admission to trading of all AIA’s shares on the Regulated Securities Market of the Athens Exchange.
Our involvement started since the very early stage of the privatisation efforts through an international tender process which was finally abandoned due to the COVID-19 pandemic. HRADF eventually proceeded with the sale of its stake through the combined offering of its 90,000,000 AIA shares to the public in Greece pursuant to the Prospectus Regulation and to institutional investors outside of Greece pursuant to a private placement. Our firm advised HRADF in all Greek law matters relating to the particulars of the Airport Development Agreement, the corporate governance of AIA and the overall relationship of HRADF as selling shareholder with the other shareholders, the Company and the Greek State and assisted HRADF during the whole IPO process.
The oversubscription by almost 12 times and with gross proceeds amounting to €784.7 million, implying an initial market capitalisation of €2.46 billion for AIA, epitomises the strong investor confidence to the national economy and marks Greece’s largest IPO in almost 20 years.
The team, led by partner Yiannis Palassakis, included partner Georgia Afrati, senior associate Chrstina Messini and associate Evgenia Sardeli.