The flotation, which was five times over subscribed, is expected to raise €8.7 billion.
Spain’s biggest ever IPO, carried out on the Madrid Stock Exchange, follows the government’s decision to scrap a deal to sell a 21% stake to three “cornerstone investors” – Corporación Financiera Alba (8%), Ferrovial (6.5%) and British investment fund TCI (6.5%).
In addition to its 46 airports and two heliports in Spain, Aena – through subsidiary Aena Internacional – currently has interests in 15 airports in the UK, Colombia and Mexico.
It has a controlling 51% shareholding in London Luton Airport in the UK; 37.89% and 50% stakes respectively in Colombia’s Cartagena de Indias (SACSA) and Cali Alfonso Bonilla Aragón (Aerocali) airports; and a 33.3% interest in Aeropuertos Mexicanos del Pacífico (AMP), strategic partner of Grupo Aeroportuario del Pacifico (GAP), which operates 12 Mexican gateways that include Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz and Manzanillo.
And it says that it will “continue to consider new business opportunities worldwide” in 2015 although in the last few years it has shed its TBI-owned assets, and its interest in Colombia’s Baranquilla–Ernesto Cortissoz International Airport ended in February 2012 when Aeropuertos de Caribe’s 15-year concession expired.
You can read more about Aena and the airport portfolios of the world’s other airport owners and airport operators in the A to Z feature of global airport operators in the next issue of Airport World.