Shares in Spanish airports group Aena surged 16 per cent on their stock market debut, powered by strong demand for a company with relatively few rivals as Spain's economic recovery gathers pace.
The success of the €3.88 billion sale shows faith in Spain’s economic pick-up.
The opening price of €65.10 per share, against an offer price of €58, valued Aena at €9.77 billion after state-controlled Spanish holding company Enaire sold 44.6 per cent of the company.
Aena has based its pitch on an attractive growth profile after a complete restructuring and a bright outlook helped by a surge in tourism to Spain.
Aena, which runs 46 Spanish airports and has stakes in London’s Luton airport as well as airports in Mexico and Colombia, says it handles 187 million passengers a year. – Reuters