The trading of shares (AIAr.AT) of the Athens International Airport S.A. (AIA) commenced on Wednesday, with an initial IPO price of 8.20 euros per share surging 14.6% higher at the opening to 9.40 euros.

As of midday trading, the stock was up 12% at 9.2 euros

The approval for listing 30 million common shares on the main board of the Athens Stock Exchange was granted by the Hellenic Capital Market Commission during its meeting on Tuesday. With with the 8.20 euro per share price, the company’s value was calculated at 2.46 billion euros

The public offering, held recently, attracted bids in excess of eight billion euros, oversubscribing the amount sought by 12 times. The total proceeds from the offering reached 784.7 million euros.

AIA, the operator of Athens’ Eleftherios Venizelos International Airport, is the largest and busiest airport in Greece, serving approximately 28 million passengers last year. This figure represents roughly 35% of the total passenger traffic of all airports in Greece.

In light of the successful public offering, both “Athens International Airport S.A.” and the Hellenic Republic Asset Development Fund, acting as the selling shareholder, released a statement extending their gratitude to the more than 21,700 investors who participated in the offering.