ATHENS May 30 The renewable energy business of
Greece's biggest construction company Ellaktor plans
to list on the stock market in what would be the first public
offering on the Athens since the debt crisis began in 2009.
"We filed to list (on the Athens bourse's main market) about
a month ago," Theodoros Sietis, chief operating officer of the
ELTEH Anemos unit told Reuters on Friday.
"Our filing is now being evaluated and we expect the bourse
will allow us to list our shares, the first such listing in
A source with direct knowledge of the approval process told
Reuters the filing is expected to get the go-ahead next month.
Greek stocks have been battered by the belt-tightening
prescribed by Greece's creditors, the European Union and the
International Monetary Fund, in exchange for about 240 billion
euros in bailout aid to keep the country stay afloat.
But with the country expected to emerge from a six-year
recession this year, and its successful return to bond markets
in April - the first time in four years - market sentiment is
Investors have contributed some 9.5 billion euros to Greek
banks' equity and debt sales in 2014 so far - according to
In addition an IPO by Anemos would likely attract positive
attention since the government introduced a law in April cutting
the price that energy producers will receive from the national
market operator - which conversely means they will be paid on
time for the energy they produce, recovering arrears and
enabling them to invest and grow further.
Renewable energy is one of few industries in Greece that has
continued to expand even throughout the recession, thanks to
generous state subsidies.
Anemos, a mid-sized renewable energy producer, operates 12
wind parks, a solar plant and a hydroelectric plant in Greece,
with 170 megawatts in total installed capacity.
Sietis said the IPO would help the firm build new facilities
with about 100 megawatts of capacity but declined to say how
much Anemos plans to raise from the offering. Greece, like other
EU countries, has to increase electricity output produced from
renewable energy sources.
The Athens bourse's main index has gained more than
100 percent since June 2012 but is still about 58 percent off
its October 2009 high of 2,894 points.
The last time a Greek firm went public on the Athens stock
exchange was July 2009, when MIG Real Estate raised 10
(Additional reporting by Harry Papachristou; Editing by Sophie