Pre-marketing demand ahead of ADMIE Holdings fundraising
Greek electricity transmission system operator ADMIE is drawing investor interest ahead of a planned share capital increase. Preliminary demand has reportedly exceeded the amount targeted from private investors before the official subscription process starts. Banking sources said meetings with domestic and international investors during the pre-marketing phase produced commitments above €250 million.
The transaction 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 commitments reported in the pre-marketing phase relate to the portion intended for private markets.
Funding split between private investors and existing shareholders
The investor response indicates that the market portion of the fundraising has already been effectively covered, according to banking sources. This provides support for the broader €1 billion capital raising plan. The remaining capital is expected to come from existing shareholders, including the Greek state and China’s State Grid.
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 further indicate that around €370 million of this amount will be financed through resources from the Recovery and Resilience Facility.
State Grid contribution and private tranche closing
The remainder of the Greek state’s contribution is expected to be funded through DES ADMIE resources, based on reports cited by banking sources. Meanwhile, State Grid holds a 24% stake in the transmission operator and is expected to invest approximately €240 million. The final €250 million is set to be provided by institutional and private investors.
The reported allocation reflects investor participation tied to ADMIE’s role in Greece’s electricity infrastructure and future network development plans.
