AENA shares jump in IPO
February 11, 2015
AENA shares surged more than 15 percent to 67.11 euros ($75.88) in their first day of trading on the Madrid stock market Wednesday. A day before the initial public offering, the state-owned company priced its shares at 58 euros, valuing the firm at 8.7 billion euros.
AENA said the offer was almost five times over-subscribed, which allowed it to set the price for the share listing at the very top of the 53-58 euros range.
AENA's stock market listing was the biggest in Europe since 2011, according to analysts, and a fresh sign of a surge in investor appetite for Spanish assets after six years of economic crisis.
AENA is said to be the world's biggest airport operator by passenger numbers as it runs 46 airports and two heliports in Spain and another 15 in Latin America, the United States and Europe. It handled nearly 196 million passengers last year, a 4.5 percent increase over 2013.
Hit hard by Spain's economic downturn, the operator underwent a massive overhaul which included firing 20 percent of its workers and a rise in airport taxes that have helped restore it back to financial health
The company reported a net profit of 596 million euros for 2013, emerging from a net loss of 63.5 million euros the previous year. Results for 2014 are not yet available, but AENA said its revenues rose 6.4 percent during the first nine months to 2.39 billion euros thanks to a rise in airport traffic as Spain's economy picked up and stronger sales from duty free shops.
AENA fixed the size of the offering at 44.55 percent of its capital, an amount that could be raised to 49 percent if an over-allotment option was exercised, the company said.
uhe/nz (dpa, Reuters)