Helios postpones IPO

Greek firm Helios<.> SA, owners of the Elounda hotels on Crete, last Friday announced it was postponing its planned initial public offering to list its shares on the Athens stock exchange, citing a negative climate in domestic and international markets.



The company also called investors who had subscribed to withdraw their capital. Helios plans to issue 6.2 million new shares, 5,906,000 of which will be offered to private investors while the remaining 249,000 are to be distributed through private placement. The price range was set at 3,900-4,200 drachmas per share.



The company reported turnover of 7.6 billion drachmas and net pre-tax profits of 1.5 billion drachmas last year. It expects a turnover of 9.5 billion drachmas and pre-tax profits of 2.5 billion drachmas in 2000.

Theodore Koumelis

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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