Athens Stock Exchange: €6 Billion in "Fresh" Capital for Listed Companies

The Athens Stock Exchange (Χρηματιστήριο Αθηνών - ATHEX) is on track to reach a new multi-year high, as capital raised by listed companies for 2026 has already surpassed €6 billion ($6.52 billion). This liquidity stems primarily from share capital increases (ΑΜΚ) and issues of tradable corporate bonds, while the first inflows from Initial Public Offerings (IPOs) are expected in the coming period. According to available data, total capital raising by the end of 2026 could potentially exceed the 2021 performance, when the amount reached €6.3 billion ($6.85 billion).

Dominant Role for the Energy Sector

Public Power Corporation (ΔΕΗ - PPC) holds the lion's share of this year's capital raising, having proceeded with a massive share capital increase of €4.25 billion ($4.62 billion). This move, which confirms PPC's strategic shift in the energy market, was accompanied by the largest order book in the history of the domestic capital market, attracting bids exceeding €18 billion ($19.56 billion).

This is followed by the IPTO Group (ΑΔΜΗΕ - Independent Power Transmission Operator), as the share capital increase of IPTO Holding (ΑΔΜΗΕ Συμμετοχών) is expected to run in June, aiming to raise €530 million ($576 million) from the investing public. This follows analysis regarding the new historical high for IPTO on the trading board. The entire amount will be allocated toward the listed company's participation in the parallel €1 billion ($1.09 billion) share capital increase of IPTO S.A. (ΑΔΜΗΕ Α.Ε.). Collectively, these two business moves (PPC and IPTO) are valued at €4.78 billion ($5.20 billion), representing approximately 80% of the total liquidity raised for the current year.

Bond Issuances and New Share Capital Increases

The corporate bond market is also making a significant contribution. A bond issuance from Lamda Development is pending, valued at up to €350 million ($380.5 million), which will be listed on the ATHEX regulated market. This will be the third bond since the beginning of the year, following the successful issuances of Capital Product Partners (CPLP) for €250 million ($271.8 million) and Premia Properties for €150 million ($163.1 million), confirming the recorded investment opportunities for real estate companies.

Meanwhile, the share capital increase of Trastor was completed in May, totaling €150 million ($163.1 million), through which company management achieved the necessary share capital dispersion (free float). The list of this year's capital increases is rounded out by CrediaBank with €300 million ($326.1 million), Y/Knot with €22.8 million ($24.8 million), and Q&R with €8.8 million ($9.57 million).

Reinvestment Programs and Upcoming IPOs

The total sum of €6 billion could be even higher if dividend reinvestment programs (scrip dividends, where shareholders receive additional shares instead of cash) were taken into account. The most notable case is that of Athens International Airport (Διεθνής Αερολιμένας Αθηνών), which amounted to €83.2 million ($90.5 million).

Finally, the market expects a further boost in investor interest through new listings. Specifically, it is estimated that the Initial Public Offering (IPO) for the listing of "Attica Department Stores" (Άττικα Πολυκαταστήματα) on the Greek board will take place within June, in accordance with the intentions of Ideal Holdings.