By Anestis Ntokas

antokas@naftemporiki.gr

The number of net new listings on the Main Market of the Greek stock market is heading towards its highest level in more than two decades.

If the planned listings of METKA and Uni Systems are completed in 2026, Euronext Athens will finish the year with six new companies. The previous record was back in 2005, when seven companies made their stock market debut. This was a time when terms such as economic crisis, sovereign default, debt restructuring, lockdown and energy crisis were entirely unknown to investors.

The clear improvement in the outlook for the Greek economy, which continues to outperform the European economy, the integration of the domestic capital market into the Euronext ecosystem, and strong demand for attractive alternative sources of financing are the main factors behind the emerging reversal in the balance between new listings and delistings on the Main Market.

The new management of the Athens Stock Exchange has also made a conscious decision to establish a new shipping hub, adding new momentum to its push to attract new, ambitious and profitable business groups.

More specifically, three of the four companies already listed on Euronext Athens this year operate in the shipping sector. Safe Bulkers led the way in June, followed by Star Bulk in September and Capital Maritime Finance in October. Further listings from the sector cannot be ruled out, given its considerable growth prospects.

Meanwhile, in addition to these companies, Attica Department Stores, from the retail sector, joined the market in July.

The next step is to complete the planned listings of METKA, the construction arm of the Metlen Group, and Uni Systems, the IT company belonging to Quest Holdings. Both are already well advanced in the listing process.

The rebound in IPO activity began taking shape in recent years, driven by a steady recovery in stock market sentiment, which was cemented by Greece’s recent return to Developed Market status.

Last year, five companies joined the Main Market. The corresponding figures for 2024 and 2023 were four and three, respectively. Among these listings, that of Athens International Airport stands out, widely regarded as the largest IPO in at least two decades.

The picture was entirely different during the pandemic and the prolonged economic crisis, when the number of new listings fluctuated between one, two or even… none.