ECONOMY

Aegean to be first Greek airline to go public, June 27-29

Privately held Greek carrier Aegean Airlines will go public this month and list on the Athens bourse’s main market for large-capitalization stocks, the company said yesterday. Aegean, which competes with state carrier Olympic Airlines on domestic and international routes, will be the first airline to list on the Athens Stock Exchange. Its initial public offering will run from June 27 to 29. Shares will also be offered abroad with Citigroup appointed the sole manager and bookrunner of the international placement. The company will issue a total of 17,854,280 new common registered shares, including 892,714 shares to be offered to employees at a 10 percent discount to the IPO price. Aegean did not disclose the amount it is seeking to raise. Greek media have estimated it is likely to be over -100 million. The shares will make their trade debut on July 11. Aegean is renewing its fleet, having placed an $800 million order with Airbus for 19 A320 jets. The carrier took delivery of the first three aircraft in March. (Reuters)

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