Saturday December 20, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek stock market's first IPO since 2009 draws mixed reception

By Angeliki Koutantou

Greek renewable energy firm ELTEH Anemos sold all the shares it hoped to in an initial public offering, albeit at the bottom of its price range - pointing to a mixed reception for the country's first IPO since its debt crisis began in 2009.

Greek stocks have been battered by the country's six-year recession and debt crisis that forced Athens to turn to the European Union and the International Monetary Fund for about 240 billion euros in aid.

But market sentiment has picked up in recent months for Greece, which expects to emerge from recession this year and successfully returned to bond markets twice this year after a four-year exile.

Subscriptions for the IPO exceeded the 20.67 million ordinary shares on offer, with more than half coming from institutional investors, lead manager NBG Securities said on Monday in a bourse filing.

But the offer price was set right at the bottom of the 1.70-1.97 euro range, it said. Based on that, the firm raised 35.1 million euros ($47.9 million).

The July 9-11 offering also took place against a backdrop of unease in European stock markets triggered by concerns over the financial health of the chief shareholder in Portugal's biggest listed bank, Banco Espirito Santo (BES).

"We are satisfied because we managed to complete the capital increase in adverse conditions, ELTEH Anemos Chief Operating Officer Theodoros Sietis said, citing investor scepticism due to the turmoil in Portugal.

"It is a vote of confidence in the company."

Concern about Banco Espirito Santo had also hit demand for a Greek three-year bond last week, the country's second foray since it returned to markets in April after a four-year exile.

Greece raised 1.5 billion euros from the sale, short of the 2.5 billion to 3 billion euros it was expected to raise.

Some analysts said the IPO fell short of expectations.

"We expected the IPO to be oversubscribed by one and a half times, said Nikos Kafkas, an analyst at Merit Securities.

"Nevertheless, the result was satisfactory since the IPO coincided with strong selling pressure on European shares last week due to the Portuguese turmoil."

Anemos, a unit of Greece's biggest construction group Ellaktor, is a mid-sized renewable energy producer, operating 12 wind parks, a solar plant and a hydroelectric plant in Greece, with 170 megawatts in total installed capacity.

The company has said it would use the proceeds from the IPO to finance part of a 118 million euro investment plan for new wind parks, which will enhance its capacity by about 94 megawatts by 2015.

Renewable energy is one of few industries in Greece that has continued to expand through the recession, thanks to generous state subsidies.

The new shares are expected to start trading on the Athens stock exchange on July 22.

[Reuters]

ekathimerini.com , Monday Jul 14, 2014 (13:40)  
Workers rush to get early retirement
Piraeus Containter Terminal goes from strength to strength
Moscovici: Creditor inspections to become less frequent and lighter
Property capital gains tax halt
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athenss old quarter. The bill...
Corfu to host countrys first hydroplane strip
Merchant Marine Minister Miltiades Varvitsiotis and Deputy Infrastructure and Transport Minister Michalis Papadopoulos have signed a decision paving the way for the countrys first hydroplan...
Inside News
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
SOCCER
Abidal cuts short playing career at Olympiakos
Former France and Barcelona defender Eric Abidal announced his retirement from football on Friday, a day before his last match. Abidal said he will finish after playing for Olympiakos agains...
Inside Sports
COMMENTARY
The big picture
In his second term, US President Barack Obama is taking steps to enshrine his legacy and solidify Americas standing in the 21st century. His recent decision to normalize relations between t...
EDITORIAL
Get your facts straight
The danger that political discourse in Greece will sink to the basest levels of vulgarity is already more than apparent from the allegations we have heard bandied about over recent days. The...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Environment Ministry to reconsider controversial bill
2. Corfu to host countrys first hydroplane strip
3. Political upheaval sharpens after bribe claims with threats and insinuations
4. Police gets new communications system
5. Most Greeks say they recycle daily
6. Probe into revenues of 2 mln euros in Halkidiki municipality
more news
Today
This Week
1. The big picture
2. Get your facts straight
3. Political upheaval sharpens after bribe claims with threats and insinuations
4. Changes on E9 property declarations possible until end-year
5. Probe into revenues of 2 mln euros in Halkidiki municipality
6. Corinth-Patra highway traffic to be diverted
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Europe's drama in Greece needs final act to avoid tragedy
6. High stakes
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.