ADMIE appears to be following in the footsteps of PPC, which had already verbally "secured" the required amount for the share capital increase as early as the initial pre-marketing stage—that is, during confidential discussions with selected investors.
According to market sources, in the closed-door meetings held so far with executives managing Greek and foreign portfolios—aimed at gauging the amount they wish to invest in the upcoming increase—the €250 million mark has already been exceeded, which is the amount the company needs to raise from the market.
The reason for the capital increase to be carried out by the holding company, ADMIE Holdings, with the same sources indicating June 16 as the most likely date for the opening of the book and its closing three days later, on June 18.
Since, as reported, the €250 million has already been covered, this means that the total amount of the €1 billion capital increase has also been secured, as the remainder is “locked in” by the Greek government, which holds 51% of ADMIE, and the Chinese shareholder State Grid, which controls 24%.
In the company’s highly complex current structure, the Greek government holds 51% of the Operator’s shares through DES ADMIE (25.5%) and through ADMIE Holdings (26.1%). This means that the State will contribute a total of 530 million euros, which has been secured by the recent amendment to the Ministry of Environment and Energy, according to which the Recovery Fund will contribute approximately 370 million, with the remainder covered by the DES ADMIE fund, which has approximately €147 million available.
Of the remaining €470 million up to €1 billion, €240 million will be paid by the Chinese (24%) and €250 million by the market, which is why pre-marketing, as well as roadshows in London, are taking place.
According to people familiar with the process, the question is how much higher the bids will go, given the interest recorded during the initial meetings on Greek soil, which, according to reports, is also being reflected in the meetings held since yesterday in London by the management duo of Yannis Manousakis (ADMIE) and Yannis Karabelas (ADMIE Holdings) have been holding since yesterday.
The London meetings with infrastructure and hedge funds
According to market sources, the meetings involve both hedge funds that the Greek executives met with at Citi and large infrastructure funds, which, as our sources say, typically deal with projects larger than those of the Operator.
Although no names have been leaked, the funds seeking to acquire a stake in the holding company’s share capital are said to be among the largest in the financing, construction, and management of energy and infrastructure, with significant holdings in European and other managers in their portfolios.
At the same time, the hedge funds that met with Greek executives at Citi are said to have conveyed the impression that they see a solid business plan and a thoroughly grounded investment story, a fact that, combined with reports of oversubscription in the “verbal” book of bids, is boosting optimism among those involved in the deal, who are set to hold a new round of meetings in the British capital today.
Another result of the interest in ADMIE is the fact that since the day the government paved the way for the capital increase with the amendment in Parliament (April 30), the stock has rallied 22%, closing yesterday at €3.99 from €3.28. Over the past month, nearly 30 million shares have changed hands.
Daily trading volume is approaching 1 million shares, which is very high by its standards, meaning that funds looking to participate in the capital increase are buying it.
All eyes are initially on June 11, when the extraordinary General Meeting of the listed ADMIE Holdings will take place, and subsequently on the start of the book-building process, which is scheduled immediately afterward (June 16–18). Subsequently, ADMIE will add to the 250 million it will have “raised” from the market the funds from the Greek government (530 million) and from State Grid (240 million).
The outline showing how the company will expand, how its financial results will grow, and how it will shift gears to achieve one of the fastest growth rates in Europe was presented during a recent teleconference with analysts and institutional investors ADMIE CEO Manos Manousakis.
The capital raised paves the way for accelerating major island interconnections of national importance in the Dodecanese, the North Aegean, and the second line to Italy, which constitute the heavy artillery in ADMIE’s investment program.
The investment plan presented by the company’s management entails:
- The creation of a financial foundation for one of the most robust growth trajectories of any grid operator in Europe.
- Annual profit growth of 25-30% through 2029 for ADMIE, thanks to €6 billion in investments. This growth rate is said to be among the highest for any operator in Europe.
- More than doubling of the Regulated Asset Base, which is estimated to reach approximately €7 billion, up from €3.3 billion at the end of 2025.
Vasilis Karamouzis, General Manager of Corporate and Investment Banking at National Bank of Greece, speaking at the 11th Energy Transition Symposium of the Hellenic Association of Energy Enterprises (HAEE), highlighting the importance of its implementation.
"Investments in networks and infrastructure," he said, "are now a critical factor for the overall stability of the market, as well as for the protection of existing portfolios that banks have already financed."