Athens International Airport’s IPO

The Case

 

In a significant move aimed at capitalizing on the growth of Greek tourism and the country's resurgence in the global financial arena, ΑΙΑ decided to list its shares on the Athens Stock Exchange through an IPO.

AIA’s shareholders opted for an IPO as the preferred method for one of the State-Owned shareholding entities to exit the company. This strategic decision underscored AIA's commitment to fostering growth and aligned with the broader objective of leveraging Greece's regained investment-grade debt rating after 14 years.

The challenge was to ensure the best communication outcome in a highly regulated environment while aligning the complex messaging requirements of AIA shareholders.

Against the complex corporate canvas and on the spotlight of the entire Greek investment community, the stakes for the IPO could not be higher, as it was set to symbolize the realization of the Country’s turnaround story.

 

 

Solution / Strategy

 

The strategic approach adopted by V+O was not merely transactional but aimed at building a robust corporate positioning for AIA as a prized infrastructure asset. This involved a meticulous blend of showcasing AIA's strong fundamentals while positioning it as an enticing investment opportunity amid the burgeoning Greek tourism sector.

Central to V+O's strategy was the design and execution of a comprehensive local communication strategy tailored for local investors, analysts, and the broader public. The objectives were multi-faceted, aiming to raise awareness about the impending IPO, communicate the significance of this milestone, enhance stakeholder relations, and fortify the company's reputation and image within the Greek economic landscape.

 

 

Results

 

By weaving a compelling narrative, utilizing diverse communication tools, and prioritizing stakeholder engagement, a solid foundation for AIA's future growth and success in the Greek market was laid.

As a result, the demand for AIA's offered stocks surpassed all expectations, leading to an oversubscription in the offering book by an astonishing 12 times. This overwhelming response propelled the valuation of AIA to 2.46 billion Euros. Moreover, there was a massive interest and participation from both national and international investors, resulting in a remarkable return of 730 million euros to the Greek State.

The strategic communication efforts also reverberated across the Greek Media landscape, with more than 3,611 news clippings in print and online Media. This extensive coverage not only bolstered awareness about AIA's IPO but also solidified its position as a groundbreaking event in the financial realm.

The Project is IPRA Awarded 2024