Greek electricity transmission system operator ADMIE is preparing a share capital increase of €1 billion, with preliminary demand reported to be higher than the amount earmarked for private investors before the formal subscription period starts. Banking sources said the company is drawing strong interest ahead of the planned fundraising.
Pre-marketing commitments exceed private investor target
Meetings with domestic and international investors during the pre-marketing phase generated commitments above €250 million, according to banking sources. The capital increase will be executed through ADMIE Holdings. A book-building process is expected to start in mid-June and is scheduled to end within two days.
The investor response indicates that the portion intended for the market has already been covered, supporting the wider €1 billion capital raising plan. The remaining amount is expected to come from existing shareholders, including the Greek state and China’s State Grid.
Greek state contribution and Recovery and Resilience Facility funding
Under the current ownership structure, the Greek state controls 51% of the transmission operator through DES ADMIE and ADMIE Holdings. It is expected to contribute approximately €530 million to the capital increase. Reports indicate that around €370 million of this figure will be financed using resources from the Recovery and Resilience Facility.
The remainder of the Greek state contribution is expected to be funded through DES ADMIE resources.
State Grid stake and allocation to institutional and private investors
State Grid, which holds a 24% stake in the transmission operator, is expected to invest approximately €240 million. The final €250 million is set to be provided by institutional and private investors.
The fundraising is linked to ADMIE’s role in Greece’s electricity infrastructure and future network development plans, as reflected in investor participation described by banking sources.
