ENGLISH SECTION
28/01/2025 | 21:45
Greece’s Alter Ego Media Share Offering Oversubscribed 12 Times: Successful IPO Opens the Door to the Athens Exchange for Other Companies
Greece’s major media group Alter Ego, which includes To Vima, raised €57 million ($59.42 million) in its Initial Public Offering (IPO) with shares priced at €4.00 ($4.17) each, investment demand so high it was oversubscribed 12 times.
The IPO on the Athens Stock Exchange was highly anticipated and featured 14,249,000 newly issued ordinary voting shares, the paper said. Retail investors secured 65 percent of the shares, despite demand exceeding supply by nearly 6 times, with 59,672,736 shares requested, resulting in a 15.5 percent allocation rate.
Qualified investors, allocated 35 percent of the shares, had a total of 109,529,750 shares requested and only 4.6 percent of their demand met. Cumulatively, the IPO drew a total demand of 169,202,486 shares, valued at €676.8 million ($705.59.)
On its debut, Alter Ego Media’s stock surged by 8.75 percent, closing at €4.35 ($4.54) as unsatisfied IPO demand drove activity in the secondary market. Over 2.4 million shares, or 17 percent were trade, pushing its capitalization toward €250 million ($260.63.)
Founder and principal shareholder Evangelos Marinakis, who retains a 75% stake in the company, presided over the ceremonial ringing of the opening bell at the Athens Stock Exchange and said the IPO was “a vote of confidence in our vision.”
“This IPO heralds a transformative chapter for Alter Ego Media and Greece’s media sector,” Marinakis said. “We remain dedicated to accountability, independence, and fostering public trust as we contribute to democracy and Greece’s progress.”
Group CEO Ioannis Vrentzos noted unprecedented participation of more than 10,000 private and 130 institutional investors and credited the company’s 1,000-strong workforce as a driving force behind its success.
Giannos Kontopoulos, CEO of the Athens Stock Exchange, welcomed Alter Ego Media to the Main Market, noting it also includes major brands such as Mega TV, the newspaper and site Ta Nea, Oikonomikos Tachydromos, as well as the first Greek portal in.gr.
According to Vima Newspaper (Alexandra Tompra):
lter Ego Media S.A., the major media group in Greece, has achieved a significant milestone by completing its highly anticipated initial public offering (IPO) on the Athens Stock Exchange (ATHEX). The offering raised €57 million, with shares priced at €4.00 each, reflecting exceptional investor demand that oversubscribed the offering by 12 times.
The IPO featured 14,249,000 newly issued ordinary voting shares, attracting robust interest from both retail and institutional investors. Retail investors secured 65% of the shares, despite demand exceeding supply by nearly 6 times, with 59,672,736 shares requested, resulting in a 15.5% allocation rate. Qualified investors, allocated 35% of the shares, saw their demand outstrip supply even further, with a total of 109,529,750 shares requested and only 4.6% of their demand met. Cumulatively, the IPO drew a total demand of 169,202,486 shares, valued at €676.8 million—12 times the offering size.
Market Performance and Future Outlook
On its debut trading day, Alter Ego Media’s stock surged by 8.75%, closing at €4.35, as unsatisfied IPO demand drove activity in the secondary market. Over 2.4 million shares, or 17% of the offering shares, were traded on the day, pushing Alter Ego Media’s market capitalization towards €250 million mark.
Commitment to Journalistic Integrity
The landmark success of Alter Ego Media’s initial public offering has solidified its position as a key player in the Greek media landscape, while highlighting the strong investor confidence in its strategic vision. Founder and principal shareholder Evangelos Marinakis, who retains a 75% stake in the company, presided over the ceremonial ringing of the opening bell at the Athens Stock Exchange (ATHEX) on Monday.
Marinakis described the IPO as a “vote of confidence in our vision,” underscoring the public’s belief in the company’s ability to shape the future of media in Greece and beyond. He reaffirmed Alter Ego Media’s enduring commitment to core values that have driven its success: journalistic integrity, freedom of expression, and the creation of high-quality content.
“This IPO heralds a transformative chapter for Alter Ego Media and Greece’s media sector,” Marinakis declared. “We remain dedicated to accountability, independence, and fostering public trust as we contribute to democracy and Greece’s progress.”
Group CEO Ioannis Vrentzos highlighted the unprecedented participation of over 10,000 private and 130 institutional investors as a testament to the company’s operational excellence and strategic trajectory. He credited the company’s 1,000-strong workforce as a driving force behind its success.
Giannos Kontopoulos, CEO of the Athens Stock Exchange, welcomed Alter Ego Media to the Main Market. He noted it as a landmark moment for Greece’s media industry, being the first IPO in the sector in 20 years, and commended the company’s diverse portfolio, which includes major brands like the Greek #1 FTA TV “Mega” and the news brands “To Vima”, “Ta Nea”, and Oikonomikos Tachydromos, as well as the first Greek portal in.gr.
IPO Proceeds and Expansion Plans
According to the company’s CEO Ioannis Vrentzos, a significant portion of the funds will be dedicated to strengthening its newly established corporate VC, Alter Ego Ventures, which focuses on innovation and diversification in the ever-evolving media industry.
The IPO funds will also support strategic acquisitions as part of Alter Ego Media’s efforts to consolidate its market position. The company aims to expand its footprint across traditional and digital media platforms, underscoring its commitment to growth in a rapidly changing landscape.
Additionally, Alter Ego Media plans to invest in cutting-edge technological infrastructure and facility upgrades to boost operational efficiency and maintain a competitive edge in content production. A particular emphasis will be placed on creating premium audiovisual content, ensuring that the company continues to meet evolving industry standards while delivering high-quality, engaging offerings to its audience.
In line with its commitment to transparency and regulatory compliance, Alter Ego Media has assured stakeholders that the allocation of IPO proceeds will be fully disclosed in accordance with the requirements of the Athens Stock Exchange and Greek capital market regulations. Regular updates will be provided to ensure accountability and build investor confidence.
