February 2024 In Aviation, Corporate & M&As

YLP acted as Greek counsel to HRADF, as selling shareholder through IPO of its 30% stake in Athens International Airport (AIA)

News & Works -YLP acted as Greek counsel to HRADF, as selling shareholder through IPO of its 30% stake in Athens International Airport (AIA)

In Corporate & M&As

YLP acted as Greek counsel to HRADF, as selling shareholder through IPO of its 30% stake in Athens International Airport (AIA)

We have been appointed as Greek counsel to the Greek State privatization fund, HRADF (Hellenic Republic Asset Development Fund), as selling shareholder through IPO of its 30% stake in Athens International Airport (AIA) and listing and admission to trading of all AIA’s shares on the Main Market of Regulated Securities Market of Athens Stock Exchange.
The Concession Agreement and the relevant corporate governance was amended in order that the listing is feasible whilst major shareholders will be offered an allocation through a private placement by virtue of a cornerstone agreement. It is one of the largest-ever IPOs on the Athens Stock Exchange and saw strong interest from investors globally and in Greece. It priced at the top of the range at €8.20 per share, raising a total of around €785 million for HRADF, including proceeds from cornerstone investors, valuing AIA at approximately €2.46 billion.

The IPO comprised solely of a secondary offering of shares by HRADF undertaken through an offering to eligible international institutional investors outside of Greece and a public offering to retail and institutional investors in Greece.