More than 7.8 billion euros managed to take listed companies out of the market Athens Stock Exchange during the last two years, that is, as long as the economy is free from the shackles of memoranda and strict post-memorandum supervision.
Increases in share capital, channels of the main shareholders, new imports and corporate bonds are some of the tools that companies have used to “increase” valuable liquidity and gain access to “fresh” funds.
In fact, it is not excluded that by the end of the year the disputed amount will be exceeded even the 8 billion euros, if we consider the declared intention of several listed companies to improve their asset dispersion, in the context of the stricter HEXA regulation, which will be implemented from 2025.
All this, without a doubt, has a clearly positive macroeconomic impact on the Stock Market, but, at the same time, no one can ignore the short-term consequences, since successive capital withdrawals deprive the board of directors of significant liquidity. And this was reasonably reflected during the last few weeks, when the market was asked to respond to an increase in supply of 2.4 billion euros, which “fixed” the General Index in a narrow range of fluctuations (1,400 – 1,470 points ), preventing direct movement towards the peaks at 1,502 units.
In any case, however, the investor should focus on “big picture”which reflects Athens Avenue’s ability to refinance listed companies and, by extension, the real economy. And what has happened in the last two years proves the truth of the statement.
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Channels
The “stars” of this entire party are the banks, with the Financial Stability Fund using the Stock Exchange to eliminate its participation in financial institutions. In Nationalfor example, through two placements, more than 1.75 billion euros were raised, which concerned 32% of the share capital. In November 2023, 22% (1.06 billion euros) were initially allocated, while a few days ago 10% (690 million euros) followed, with the FEFG keeping only 8.39% in its portfolio. Between the two placements of NBG, the sale of 27% of the shares of Piraeus Streetwith the Greek government “raising” the amount of 1.35 billion euros. At the end of 2023 it was preceded by the transfer of 9% Alfa Bank to the Italian UniCredit, which paid the amount of 309 million euros to the FEFG.
Meanwhile, the main shareholders of Metlen (255 million euros), Hellenic Energy (235 million euros), Jumbo (108 million euros), GEK TERNA (79 million euros), Bank of Cyprus (56 million euros), Austriacard (32 million euros), Cree – Cree (12 million euros), demonstrating the attractiveness of Greek “papers” in the international investment arena.
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IPOs
Since then, although at a slow pace, there has also been improvement on the “front” of initial public offerings (IPOs). A market that is gradually trying to acquire the glory of the past. This year, the Stock Exchange threshold was surpassed by Athens International Airport, which raised 738 million euros, that is, the 3rd highest amount in the last 25 years. At the same time, New PropertiesViohalco’s subsidiary in the real estate sector, “raised” 48 million euros during its entry into the Greek market. To these two, of course, we must add Excellent (150 million euros), Commercial Properties (55 million euros) and Orylin (30 million euros), which entered Avenida Atenas during 2023.
AMK
Regarding increases in share capital, h Cenergia she managed to raise 200 million euros a few days ago, while nowadays it’s her turn Attica Bank find “fresh” funds worth 735 million euros, which will complement the 473 million euros from last year’s AMK. Also, don’t forget about fundraising Intralot and Intracatworth 135 and 100 million euros, which triggered the creation of two “hot” stories on the stock market.
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Titles
Finally, on the tradable corporate bond “front,” the Athens Stock Exchange saw four new bonds enter the board. The beginning was made last July with the Metlenwhich introduced a 500 million euro bond for negotiation. This year, at the beginning of the year, Intralot and Autohellas did the same (130 and 200 million euros, respectively), while December 2023 was preceded by the addition of its obligation Idealworth 100 million euros.
If we “collect” the data above, some very interesting conclusions will emerge:
– Capital raising 2023 amount to 3.1 billion euros.
– Withdrawals of funds within 10 months 2024 are estimated at 4.6 billion euros, including Attica Bank’s AMK.
– The value of channels in two years they reach 4.1 billion euros.
– The value of IPOs in 2023 and 2024 it amounts to 1.0 billion euros.
– The height of of total AMK is calculated, taking into account the current increase in Attica Bank, worth 1.6 billion euros.
– The sum of four negotiable securitieswhich entered the AA in two years, amounts to 930 million euros.
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Detailed list of fundraisers in 2023 and 2024
• Piraeus: 1.35 billion euros (3/2024) – Placement
• National: 1.06 billion euros (11/2023) – Placement
• AIA: 738 million euros (2/2024) – IPO
• Banco Attica: 735 million euros (10/2024) – AMK
• National: 690 billion euros (10/2024) – Placement
• Metlen: 500 million euros (7/2023) – Bond
• Banco Attica: 473 million euros (4/2023) – AMK
• Alfa: 309 million euros (11/2023) – Placement
• Metlen: 255 million euros (5/2024) – Placement
• Helleniq Energy: 235 million euros (12/2023) – Placement
• Cenergia: 200 million euros (10/2024) – AMK
• Autohellas: 200 million euros 1/2024 – Bond
• Optima: 150 million euros (10/2023) – IPO
• Intralot: 135 million euros (11/2023) – AMK
• Intralot: 130 million euros (2/2024) – Bond
• Jumbo: 108 million euros (5/2024) – Placement
• Intrakat: 100 million euros (2/2023) – AMK
• Ideal: 100 million euros (12/2023) – Bond
• GEK TERNA: 79 million euros (1/2024) – Placement
• Cyprus: 56 million euros (10/2024) – Placement
• Commercial properties: 55 million euros (11/2023) – IPO
• Noval: 48 million euros (6/2024) – IPO
• Austriacard: 32 million euros (4/2024) – Placement
• Orilina: 30 million euros (12/2023) – IPO
• Kri Kri: 12 million euros (9/2024) – Placement
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(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any share)