Investors Pile Into PPC’s €4B Share Offering

Greece’s Public Power Corporation, known by its Greek acronym ΔΕΗ (DEI), has attracted orders exceeding €15 billion for its landmark share capital increase, with the order book oversubscribed within minutes of opening as global institutional investors competed for allocations in what market participants are calling one of the most significant energy financing transactions in southeastern Europe in years.

Banking sources described aggressive demand from large international funds, sovereign wealth funds, long-term institutional investors and portfolios seeking exposure to the energy transition, digital infrastructure and data centers. With the book covered many times over, the offering’s formal bookbuilding process has effectively become a formality — its purpose now is to map the full scope of demand and determine final allocations among investors.

The offering is targeting gross proceeds of approximately €4 billion, with net proceeds estimated at around €3.88 billion after expenses. The capital will fund a portion of PPC’s €24.2 billion investment program for the 2026-2030 period, described in the offering prospectus as one of the largest capital expenditure plans ever presented by a listed Greek company.