The figures from ADMIE’s capital increase, which ultimately attracted bids totaling 3.5 billion euros—14 times the initial amount of 250 million euros—paint a picture of a resounding success.
Although the market knew that 70 million euros of that total had been “locked in” by the cornerstone investor, Capital Group, the amount raised was still 19 times greater than the target amount of 180 million euros.
According to banking sources, a breakdown of the total bids shows that €2.8 billion came from the foreign book and €700 million from the Greek book, while the retail portion came entirely from retail investors.
The offering price closed at 4.05 euros, and it is very likely that an additional 10 million euros will be allocated to Greek investors, bringing the total funds to be invested by domestic investors to 50 million.
Regarding the new major shareholders of ADMIE, in addition to Capital Group, at least two new major players—in the infrastructure and hedge fund sectors—have been confirmed, with the remaining new shareholders set to be finalized tonight, as soon as the relevant allocation is completed.
Trading of the new shares will begin next Wednesday, June 24.
Since the market has covered the 250 million euros, the entire capital increase, amounting to 1 billion euros, has 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%.
The Greek government holds 51% of the Operator’s shares through DES ADMIE (25.5%) and ADMIE Holdings (26.1%). This means that it is contributing 530 million euros to the capital increase, of which approximately 370 million will come from the Recovery Fund and the remaining 147 million will be covered by the DES ADMIE fund.
The difference between 470 million euros and 1 billion euros will be covered by 240 million euros from the Chinese investors (24%) and 250 million euros from the market.