Alter Ego Media S.A.has made headlines with the resounding success of its initial public offering (IPO) on the Athens Stock Exchange (ATHEX). The IPO raised €56.996 million, with shares priced at €4.00 each, underscoring exceptional investor demand. Oversubscribed by an impressive 12 times, the offering attracted €676.8 million in bids for 14,249,000 newly issued ordinary voting shares. On its first trading day, Alter Ego Media’s stock soared 8.75%, closing at €4.35. The surge was fueled by robust secondary market activity, with over 2.4 million shares changing hands. The company’s market capitalization now stands at €247.9 million.
The IPO captivated a diverse mix of retail and institutional investors. Retail buyers secured 65% of the shares, even as demand outstripped supply sixfold. Institutional investors, allocated 35% of the shares, saw even more intense competition, with just 4.6% of requests fulfilled. In total, the offering drew interest for 169.2 million shares, making it one of Greece’s most successful IPOs in recent history.
Analysts are bullish on Alter Ego Media’s outlook, predicting a 20-25% increase in share prices to €5.40-€5.75 within the next 6-12 months. Revenue for 2024 is projected to rise by 10% year-on-year to €119.6 million, with EBITDA expected to reach €44.3 million and operating profits (EBIT) forecasted to soar 92.6% to €15.8 million.
Looking further ahead, 2025 revenues are forecasted to grow to €127.8 million, with EBITDA climbing to €51.2 million and EBIT to €23.7 million. These projections underscore Alter Ego Media’s ability to scale its operations while maintaining profitability, solidifying its reputation as a leader in the evolving media landscape.
Alter Ego Media’s valuation metrics further enhance its investment appeal. The company’s EV/EBITDA multiples, projected at 3.9x for 2024 and 3.5x for 2025, position it as an undervalued opportunity compared to global industry peers. Additionally, the company is expected to distribute dividends for the 2024 fiscal year, offering yields of 2.3%-2.9% by 2025-2026, providing additional value for shareholders.
Proceeds from the IPO are earmarked to fund Alter Ego Media’s ambitious growth strategy. A significant portion will support its subsidiary, Alter Ego Ventures, which focuses on innovation and diversification. The company also plans to pursue strategic acquisitions to strengthen its market position and expand its reach across both traditional and digital media platforms.
Investments in advanced technology and upgraded facilities are also a priority, aimed at enhancing operational efficiency and solidifying the company’s leadership in premium audiovisual content production. This focus ensures that Alter Ego Media continues to meet the highest industry standards while delivering compelling content to its audience.
To maintain trust and transparency, Alter Ego Media has committed to providing regular updates on fund allocation, in compliance with ATHEX and Greek capital market regulations. This approach underscores its dedication to accountability and investor confidence.
The IPO marks a historic milestone for Greece’s media sector, as Alter Ego Media becomes the first media company in 20 years to list on the Athens Stock Exchange. Founder and principal shareholder Vangelis Marinakis, who retains a 75% stake, presided over the opening bell ceremony and described the IPO as a “vote of confidence in our vision.”
“This IPO heralds a transformative chapter for Alter Ego Media and Greece’s media sector,” Marinakis stated. “We remain dedicated to accountability, independence, and fostering public trust as we contribute to democracy and Greece’s progress.”
Group CEO Ioannis Vrentzos lauded the participation of over 10,000 private and 130 institutional investors, attributing the success to the company’s operational excellence and forward-thinking strategy. He credited Alter Ego Media’s 1,000 employees for their vital role in the company’s achievements.
Giannos Kontopoulos, CEO of the Athens Stock Exchange, welcomed Alter Ego Media to the Main Market, describing the IPO as a landmark moment for the Greek media industry. He praised the company’s diversified portfolio, which includes leading brands such as Mega TV, To Vima, Ta Nea, In.gr, and Oikonomikos Tachydromos, as a benchmark for quality and innovation.
