The share capital increase of PPC (Public Power Corporation) has turned into one of the most striking equity market deals in recent years, with the book building reportedly fully covered within minutes of opening.
Initial demand surged to around €4 billion almost immediately, while total early indications of interest reached as high as €9 billion, according to market sources and deal participants.
In plain terms:demand has massively exceeded supply from the very start.
Market reaction: “You can’t even get in”
Investment bankers and market participants describe the process as:
- extremely fast-moving
- heavily oversubscribed
- dominated by top-tier institutional demand
The joint global coordinators (Citigroup – Goldman Sachs) are said to have pre-positioned a highly selective investor base including:
- global long-only funds
- large European institutional investors
- US asset managers
- Middle Eastern sovereign-style capital
Greek capital also in the mix
On the domestic side, several major Greek investors are expected to participate, including:
- the Copelouzos Group
- Theodoros Kyriakou’s K Group
- large family offices
- selected private equity funds
Additional high-net-worth Greek investors may also join depending on final allocation.
Why investors are rushing in
The investment case behind PPC has shifted significantly in recent years. It is no longer viewed as a traditional utility, but as a regional energy platform in Southeastern Europe.
Key drivers include:
- aggressive renewables expansion
- storage and grid infrastructure investment
- entry into data centers and digital infrastructure
- target of ~€4.6bn EBITDA by 2030
- more than tripling net profits vs 2025 levels
What the oversubscription signals
Market interpretation of the deal is clear:
- strong vote of confidence in Greece’s equity story
- re-rating of PPC into a regional energy champion
- deep institutional appetite for large-cap Greek assets
And more broadly: Greece is being re-priced as an investable, institutional-grade market again.
Behind the scenes: sizing the deal
According to market chatter, there were internal discussions about increasing the capital raise to around €6 billion, but the final structure was kept closer to €4.4–4.5 billion.
Reasons include:
- tighter pricing control
- avoiding excessive dilution
- balancing state participation with strategic investors
MSCI & flows tailwind
Additional support comes from index-related flows:
- ~€200 million expected from MSCI rebalancing
- improved index weighting after the deal
- follow-on passive inflows post-completion
Bottom line
The message from the market is unambiguous:
- PPC has entered a new valuation regime
- institutional demand is significantly ahead of supply
- Greece’s flagship utility has become a regional investment magnet
As traders put it:“This is not just a capital raise – it’s a global investor stampede.”
Source: pagenews.gr