The allocation process concluding today for the share sale of Greece’s Public Power Corp., known as PPC, marks the completion of the largest equity capital raise ever undertaken by a Greek company, underscoring the depth of international appetite for one of the country’s most closely watched corporate transformations.
PPC drew orders totaling roughly €18 billion, setting a record for Greece’s capital markets and far exceeding expectations for the offering. Investor demand surpassed the company’s €4.25 billion fundraising target by more than four times, highlighting confidence in PPC’s new investment narrative and its strategy for the next phase of growth.
The order book reflected strong participation from international institutional investors, hedge funds and large asset managers, turning the transaction into one of the most heavily contested equity offerings seen in the Greek market. The intensity of demand, however, has created a complex allocation process for PPC management, which must now balance competing requests from global investors seeking larger positions than the size of the issue can accommodate.
Under the structure of the transaction, approximately €1.42 billion of the offering is tied to the participation of the Greek state, while around €1.2 billion is linked to CVC Capital Partners, leaving roughly €1.63 billion available for allocation among international institutional investors, anchor investors and domestic portfolios.
Market estimates indicate that about 85% of that remaining amount will be allocated to foreign investors, with Greek institutional investors expected to receive the balance. The split underscores the distinctly international character of the deal and signals the extent to which global capital has embraced PPC’s repositioning story at a time when Greece is seeking to attract larger pools of long-term investment.
