The renewable energy business of Greece’s biggest construction company Ellaktor will next week launch an initial public offering (IPO) of shares on the Athens Stock Exchange, it said on Friday.
The offering by ELTEH Anemos will be the first on the Athens bourse since the Greek debt crisis began in 2009.
ELTEH Anemos will offer 20.6 million new shares from July 9 to 11, seeking to raise 6.2 million euros ($8.5 million), according to an indicative timetable in the offering prospectus.
The IPO got the approval of the Greek capital market regulator on Thursday. The new shares are expected to be listed for trade on July 23.
Greek stocks were battered by the belt-tightening prescribed by Greece’s creditors, the European Union and the International Monetary Fund, in exchange for about 240 billion euros in bailout aid to keep the country stay afloat.
But with the country expected to emerge from a six-year recession this year, and after a successful return to bond markets in April after a four-year exile, market sentiment is improving.