Alantra advises Enaire on Aena’s IPO

Feb 2015

IPO

Value €4.2 billion

Madrid – Alantra acted as co-financial advisor of Enaire, Aena’s sole shareholder, on the Initial Public Ofering process of the Spanish airport operator, raising €4,262mn. This is Europe´s largest IPO since 2011 and Spanish second largest IPO ever.

The transaction was initially structured in two phases: sale of 21% of the capital to cornerstone investors and the subsequent sale of the 28% of capital via IPO. Given the positive equity market momentum and little price sensitivity in the book of demand, the privatization has finally been structured via an IPO of 49% of the capital. Level of oversubscription was very high: 4.9x the retail tranche and 5.1x the institutional tranche. The retail tranche was approximately 6% of the total offer.

Aena operates 46 airports in Spain, including airports in Madrid and Barcelona, and has a controlling interest in Luton Airport near London, as well as stakes in airports in Mexico and Colombia.

Last July, Alantra also advised on its debt restructuring process with 17 financial institutions.  That process enabled Aena to restructure the conditions of its indebtedness (€11.4bn) in order to make it compatible with the privatization process.