Milbank LLP advised the underwriters in connection with the initial public offering and Athens Stock Exchange listing of Athens International Airport S.A. (“AIA”), Greece’s biggest IPO in over 15 years. The AIA shares priced at €8.20 per share, at the top of the price range, raising gross proceeds of approximately €785 million for the Hellenic Republic Asset Development Fund and valuing the company at approximately €2.46 billion.
AIA was established in 1996 as a public-private partnership and is responsible for operating and developing “Athens International Airport Eleftherios Venizelos,” the largest airport in Greece. The airport handled approximately 35% of Greece’s aviation traffic and served more than 28 million passengers in 2023. AIA was initially granted a 30-year concession, which has now been extended until June 2046, pursuant to which it is responsible for the construction, management and operation, and development of the airport.
The Milbank team was led by Corporate Finance and Securities partners David Dixter and Apostolos Gkoutzinis and associates Alexia Pimbli and Dimitris Krokos. The Milbank team also included New York Tax partner Andrew Walker and associates David Hanno and Elaine Lee, London Tax partner Alan Rafferty and associate Cosmos Fung, and Corporate partner Lisa O’Neill and associates Kate Meils and Gemma Cullen. The team was also assisted by law clerk Caroline Green and legal assistant Matteo Bonacina.
