Greek power utility PPC has launched a share offering aimed at raising about €4 billion, marking one of the country’s largest capital market transactions in recent years as the state-backed company seeks funding for its long-term investment and growth strategy.
PPC, formerly known as Public Power Corporation, said the maximum price for the newly issued shares has been set at €19.75 apiece, matching the stock’s closing price on May 15. The final offer price will be determined following a book-building process.
The utility plans to issue up to 369.27 million new shares through a capital increase funded by cash contributions, with the maximum nominal value of the increase reaching €915.8 million. The new shares are expected to begin trading on the Athens exchange on May 26, according to the company’s timetable.
The transaction will be structured as a combined offering, including a domestic public offer in Greece alongside an international private placement targeting institutional investors outside the country.
PPC said the offering period for both tranches will run for three business days, with all investors participating at a single final price.
The company has also introduced a priority allocation mechanism for existing shareholders, allowing them—subject to certain conditions—to preserve their ownership stakes following the capital increase. Eligibility is based on shareholdings recorded on May 18.
Under the initial allocation framework, 15% of the new shares will be reserved for the Greek public offering, excluding allocations to cornerstone investors, while the remaining shares will be directed to international investors. The final allocation could shift depending on demand, although the company said at least 15% would remain available for domestic investors if subscription levels support it.
PPC said the proceeds will fund its 2026–2030 strategic plan, supporting investments and reinforcing its balance sheet as the utility advances its expansion agenda.
The company also confirmed participation by Aeolus Holdings S.à r.l., an investment vehicle linked to funds advised by CVC Advisers Greece, alongside the Greek state.
