The project of introducing the Athens International Airport (IAA) to the Athens Stock Exchange is entering its final stage. Assuming everything goes smoothly and market conditions remain favorable, the IPO is expected to be completed by the end of the year, according to reports.

Given the strong recovery in tourism in Greece and a new record level expected to be reached this year in Athens and Greece in general, investment interest is expected to be high. As such, it is estimated that a valuation of more than $3 billion could be reached, a level also identified earlier this year by TAIPED Managing Director Dimitris Politis when he spoke of a valuation of 2.7 to 3.3 in statements to Bloomberg. billion euros, depending, of course, on market conditions. Morgan Stanley and Bank of America have been appointed as international contractor coordinators.

Events are accelerating because an appropriate memorandum of understanding was signed between AIA shareholders on Thursday afternoon for the company’s listing on the stock exchange. The shareholders of AIA, which is the concessionaire of Eleftherios Venizelos Airport until 2046, in addition to TAIPED, which owns 30% and will be distributed upon state registration, are also Hypertameio (with 25% that will remain in its portfolio), Avi Alliance GmbH (26.7 %) and Avi Alliance Capital GmbH (13.3%), both shares are owned by the Canadian insurance fund PSP Investments and the D. Kopelouse family (5%).

The agreement between the government and PSP Investments (which controls a total of 40% and management) provides for the latter’s right to acquire, after the listing of TAIPED shares on the stock exchange, an additional percentage of 10%, but with a reasonable premium to the price of the share, which will be formed during state registration.

The signing of the memorandum took place after the clarification of a number of details, which mainly relate to corporate governance issues. The Listing Information Bulletin is expected to be finalized in the next period so that it can be approved by the Capital Market Commission. However, for completion to be possible, Parliament must first pass a new amendment to the concession agreement, which expires in 2046. The amendment must include the corporate governance provisions required for a listed company, among other things, and for the relationship between shareholders.

Eleftherios Venizelos handled over 22.7 million passengers in 2022, up 84% from the previous year. In 2022, AIA’s operating revenue reached 478.1 million, EBITDA profit reached 329.5 million, and profit after taxes reached 168 million.