In a powerful vote of confidence in AKTOR’s new strategic direction, the company’s €650 million share capital increase was 2.16 times oversubscribed only a few hours after the international book-building process opened.
The most striking aspect of the offering is that the oversubscription was achieved at around 2:00 p.m. Greek time, before the Greek public offering had effectively begun and before Wall Street opened for trading, highlighting exceptionally strong demand from international institutional investors.
The early response significantly strengthens expectations that the capital raising will close with substantial excess demand, reflecting investors’ confidence in the long-term growth strategy presented by AKTOR Chairman and CEO Alexandros Exarchou.
Strong Market Endorsement
The speed with which orders were placed is being viewed by market participants as a clear endorsement of AKTOR’s transformation strategy and future prospects.
Institutional investors appear to be backing the group’s ambitious business plan, which focuses on expanding its footprint across infrastructure, concessions, renewable energy, real estate and environmental projects.
Market sources believe the exceptionally strong demand recorded on the very first day of the offering could lead to a significantly oversubscribed transaction once both the domestic and international books are completed.
There is even growing speculation that the final amount raised could exceed the initially targeted €650 million, as Exarchou has previously indicated that the company could increase the size of the transaction by €100 million to €200 million, should investor demand justify such a move.
Book Building Officially Underway
Earlier on Monday, AKTOR officially launched the book-building process for its capital increase through a combined offering to domestic and international investors.
The company is offering up to 78 million new ordinary registered shares, each with a nominal value of €0.30, at an offering price of up to €13.52 per share, aiming to raise gross proceeds of €650 million.
The transaction consists of two parallel components:
- A public offering in Greece, open to retail and qualified domestic investors.
- An international private placement, targeting institutional and eligible investors outside Greece through an international book-building process, including qualified investors in the United States under Rule 144A.
Initially, 20% of the new shares have been allocated to the Greek public offering and 80% to the international private placement, although the final allocation may be adjusted depending on investor demand.
Strong Support from Major Shareholders
An additional source of confidence comes from the company’s core shareholders.
WINEX Investments Limited, Castellano Properties Limited and Blue Silk (CY) Ltd have expressed non-binding interest in participating in the offering with investments totaling up to €350 million, further reinforcing market confidence in the transaction.
Both the company and its principal shareholders have also agreed to lock-up commitments, limiting the sale of shares for a specified period following completion of the capital increase.
Backed by Leading Global Investment Banks
The offering is being supported by some of the world’s leading financial institutions.
BofA Securities Europe, Goldman Sachs Bank Europe and UBS Europe are acting as Joint Global Coordinators and Joint Bookrunners for the international private placement.
They are joined by a syndicate of leading Greek financial institutions, including Piraeus Bank, National Bank of Greece, Optima Bank, Euroxx Securities, BETA Securities, Ambrosia Capital, Credia Bank and Pantelakis Securities, which are serving as joint managers and placement agents.
The international book-building process runs from July 20 to July 22, in parallel with the Greek public offering.
A Strong Signal from International Capital Markets
The rapid oversubscription of AKTOR’s international offering represents one of the strongest endorsements received by a Greek listed infrastructure group in recent years.
The fact that demand exceeded the targeted amount before meaningful participation from Greek investors and ahead of the opening of U.S. financial markets highlights the depth of international institutional interest in the company.
For AKTOR, the successful launch marks more than just a capital raising exercise. It signals growing international recognition of its strategic transformation and provides a solid financial foundation to execute its ambitious investment plan, positioning the group for a new phase of expansion both in Greece and across regional infrastructure markets.
Source: pagenews.gr