Alter Ego Media: Successful IPO Opens the Door to the Athens Exchange for Other Companies

If 2024 could be described as the year of big changes in the banking sector, 2025 is going to be the year in which stock market boards fill up with new blood with great growth prospects.

The flotation of the Alter Ego Media Group—of which Mr. Vangelis Marinakis is both the founder and main shareholder—on the Main Market showed the way and set the ball rolling for a group of companies that have what it takes to tap the capital potential of the Greek market and add value to themselves and the national economy.

The enormous demand for Alter Ego Media’s shares bodes well for an enhanced Athens Exchange, Manos Hatzidakis of Beta Securities told OT.

Manos Hatzidakis of Beta Securities on Alter Ego Media

And if the morning shows the day, “the demand for Alter Ego Media Group shares bodes well for an enhanced Athens Exchange,” Manos Hadjidakis of Beta Securities told OT.

According to Hatzidakis, “It is no coincidence that the Alter Ego Media IPO amassed €676.8 million in funds—a figure 11.9 times higher than the public offering. Retail demand was also robust: the 9,728 participating retail investors represent half the active monthly user base.”

What’s more, that the underwriting banks were represented at the highest level at the event staged at the Athens Exchange yesterday to mark Alter Ego Media’s flotation signals their willingness to support IPOs.

Alter Ego Media: the banks are keen to underwrite further IPOs

This was also stressed at yesterday’s event to mark the company’s listing on the Athens Exchange, as market executives spoke of the significance of Alter Ego Media’s IPO for the market. They agreed that the success of the issue, especially given the market sector in which the Group is active, shows how hungry companies are for capital.

The fact that the underwriting banks were represented at the highest level (Mylonas, Vassiliou, Taniskidis, Emiris) also signals the banks’ willingness to support IPOs.

The listing of Alter Ego Media relaunches the Media sector’s presence on the Athens Exchange, paving the way for further listings, Nikos Chryssochoidis of Chryssochoidis Stock Brokerage ISSA stressed.

Chryssochoidis Stock Brokerage: the threefold importance of the Alter Ego Media IPO

The threefold importance for the Greek market of Alter Ego Media’s IPO was also highlighted to OT by Nikos Chryssochoidis of Chryssochoidis Stock Brokerage ISSA, who stressed that “it reboots the Media sector on the Athens Exchange, paving the way for further listings.

It also showed that it was highly marketable, and that the pricing was targeted well. In essence”, Mr Chryssochoidis noted, “a company with structured borrowing, prospects and a clear business plan has been listed on the market.”

The warm welcome the market has afforded Alter Ego Media reflects investors’ thirst for new healthy companies, Ilias Zacharakis of Fast Finance told OT.

Elias Zacharakis of Fast Finance: Investors are “thirsty”

“The warm welcome the market has afforded Alter Ego Media,” was also brought up by Elias Zacharakis, head of Fast Finance, who said it reflected “investors’ thirst for new healthy companies. In essence, Alter Ego Media is creating a sector from scratch, and with the liquidity provided by the IPO we may well be seeing some surprise moves by the Group on the investment front,” Mr Zacharakis said.

Speaking to OT, the head of Fast Finance also noted “the large dispersal of the now listed company, with the significant portion of its shareholders from the retail sector earning capital gains on their investment from day one.”

The Athens Stock Exchange is on two major rating agencies’ watchlists for a possible upgrade, with developments such as the listing of Alter Ego Media positively influencing that prospect.

Giuseppe Giano: Alter Ego Media has set an example

Giuseppe Giano, chairman and founding partner of Euroxx, also spoke about the excellent performance of Alter Ego Media’s shares, describing the IPO as a success.

He also stressed the high marketability of shares in a group that has ushered in a new chapter for the Media sector in the Greek market.

He feels that it will also set an example for other similar listings, if not from the same sector, which still has some ground to make up, then from other sectors of the Greek economy with similarly healthy businesses.

The 15-trillion-euro pie

There is considerable optimism that a potential upgrade of the Athens Exchange to Developed Market status will attract a substantial inflow of capital. The Exchange is already on the watchlist of two major rating agencies for a possible upgrade, with developments like the Alter Ego Media listing positively influencing the prospect. Improved activity is also expected in the derivatives market, which is still very much in its infancy.

The next milestone on the Athens Exchange’s upgrade path to Developed Market status will arrive in March 2025, when the FTSE provides an initial update. However, the earliest it can “pull the trigger” and upgrade us is September 2025.

The Fais Group is preparing to go public, too, and has already begun preparations to submit an official listing request

Readers will recall that it is now thirteen years since the Athens Stock Exchange was downgraded to the Emerging Market category, when the Greek economy lost its investment grade and entered the Memoranda era.

In this light, OT sources mention that several consultations are underway with a view to convincing other major companies to cross the threshold; two have already agreed.

The Fais Group: heading into a new cycle of growth with the Athens Exchange

The Fais Group is preparing to list on the Stock Exchange, having already started preparations for the formal submission of a request.

“We are growing and going public will add to our impetus and signal our impact,” the group’s founder Samy Fais told OT recently.

It is no secret that several entrepreneurs have expressed an interest in listing their companies on the Athens Exchange, including the president of the Hellenic Federation of Enterprises (SEV), Spyros Theodoropoulos, with Bespoke Holding

The group has made a significant impact over the seven years since it was founded. Employing 1,200, its sales now exceed €200 million and are expected to reach €240 million over the whole of 2024.

Under the guidance of Hasdai Capon, the Fais Group’s General Manager, the company’s management team has already entrusted Alpha Bank and Euroxx with the responsibility of preparing the file for the submission of the relevant application to the Athens Exchange authorities. According to the estimates, the Fais Group is expected to make its stock market debut early in 2025.

Bespoke Holding is also on standby

As market figures point out, the pool is quite large, with a number of domestic groups meeting the requirements for going public and entering a new growth cycle with the impetus their listing provides.

It is no secret that several entrepreneurs have expressed interest in being listed on the Greek stock exchange, including the president of SEV, Spyros Theodoropoulos with Bespoke Holding. The individuals in question are waiting for the right time to take the leap…

All the scenarios regarding R Energy 1

Listing on the Athens Exchange also remains among the goals of R Energy 1, though there is still no clear timeline in place.

R Energy 1 (the ‘R’ is from the name ‘Rokas’) is a company active in renewable resources with a significant number of photovoltaic parks to its name.

It was established in early 2012, and it has been listed on the Cyprus Stock Exchange (CSE) since 5 August 2016 in the Newly Developed Companies (N.E.C.) category.

Qualco is also eyeing the Main Board

Qualco is also preparing to go public in the near future. Its main pitch, after all, is that businesses’ continuing reliance on outdated technological systems creates considerable potential for growth in Greece and other European markets.

In fact, it already considers Pimco’s 2018 investment, which strengthened its capital base, as a “vote of confidence”, while it also significantly enhanced its management team in 2024 with experienced executives.

Source: tovima.com