The Apostle Manthus
Any large share capital increase shall be accompanied by almost the same warning: "Market will dry out of liquidity". The phrase is repeated with such certainty that many treat it for granted. Yet, the transactions themselves, the course of shares and, above all, the origin of capital lead to a completely different conclusion.
Within the first six months of 2026, listed persons have drawn on capital increases of some EUR 5,92 billion. PPC pumped EUR 4,25 billion, with a disposal price EUR 18,63 and version 228.1 million new sharesGEK TERNA completed an increase EUR 659,3 million, with offers about EUR 3 billion. The IPTO of Participants moved to pump up EUR 530 million, with very strong demand. CrediaBank went on to increase EUR 300 million, Trastor in EUR 150 million, Y/KNOT Invest in EUR 22,79 million and Quality & Reliability in EUR 8,84 million.
And the bill grows.
In front of us is the planned capital increase of AKTOR Group of EUR 650 million, together with a bond issue EUR 300 million, the ElvalHalcor has announced an increase plan up to EUR 250 million, under an investment programme EUR 455 million until 2030. With these two moves, the total amount of increases completed or already launched within 2026 is approaching EUR 6,82 billion.
A market that can almost absorb EUR 7 billion in new publications within a few months does not look like a market that empties out. It looks like a market that regains its true role: financing businesses, projects, investments and acquisitions.
The most important thing is the origin of capital. In large publications, the role of foreign institutions is decisive. The PPC Many billion bids were recorded, involving large international investment names. The GENTER offers reached about EUR 3 billion. In IPTO Shares demand has often exceeded the amount requested. In CrediaBank, total demand reached EUR 1,135 billion, about 3.8 times the new shares offered.
For large international portfolios, an investment EUR 200, 500 million or EUR 1 billion Greece is a drop in the ocean of their total assets. Their participation in a Greek capital increase is financed through international allocations, available, new orders or restructuring of global positions. They don't have to sell massive Greek shares to buy a new version.
Even when we see individual liquidations, this does not amount to an exit of funds from the country. Large portfolios move money from position to position, from branch to branch, from company to company. They reduce one run participation and increase another that offers them a better risk and performance relationship. This is normal market operation, not liquidity drying.
The strongest argument comes from the dashboard itself. Previously, the announcement of an AMK brought almost automatically fall, fear, resolution and sellers. Today, several companies not only stand the announcement, but continue higher, because the market believes that new funds will return to growth, profits and greater valuations.
This is the great news of the Greek market.
Capital increases are no longer treated as a confession of weakness. They are treated as an expansion tool. The PPC It finances a ten-billion investment program. The GENTER builds strength for new concessions, infrastructure and investment. THE INDUSTRIAL INTERESTS support the country's energy interconnection. The CrediaBank acquires capital oxygen for the next growth cycle. The group AKTOR and ElvalHalcor They are preparing to enter the same route.
Here it is worth saying something that usually stays outside the stock exchange debate. International funds do not only evaluate listed funds. They also assess the market in which they invest. They see rules, supervision, speed, reliability, access, international contacts and institutional quality.
In this field, serious work has been done. The Securities and Exchange Commission, under the Chair Royal Lazaraku, together with the Vice-Presidents Michael Fekka and Natasha Stamu, has contributed to enhancing the credibility and international presence of the Greek capital market. Strong markets need supervision that inspires confidence, talks with the international investment community and keeps the institution in European step.
At the same time, his administration Euronext Athens, with the CEO Janno Kontopoulos, has given new extroversion to the Greek stock exchange. Euronext's European network, contact with foreign publishers and investors, effort to attract quality companies and the interconnection of Athens with larger European markets raise the country's institutional displacement.
The figures on foreign participation confirm that. At the end of 2025, foreign participation in total capitalization had reached 68,5%, while foreign participation in market liquidity had risen to 64,1%In January 2026, foreign participation in the trading activity reached 74%, in years high.
These numbers are not decorative.
It is the answer to those who insist that capital increases draw money from the stock market. The Greek market today attracts new funds, new names, new orders and new expectations. The Stock Exchange is no longer just a price trading venue. It's becoming a real financial place again.
For a country that lived the capital market for years as a field of suspicion, This change is of enormous value..
The companies are asking for funds and they're finding them.
Foreign investors ask for a report in Greece and acquire it.
Institutions invest time and effort so that the Greek capital market becomes increasingly recognized and credible towards the international investment community.
And Euronext Athens begins to gain the glamour that corresponds to an economy that returns to European investment radar with claims.
The capital increases of 2026 do not measure the liquidity leaving the market.
They measure the trust and appetite of international funds for Greece.
And she might be The most powerful vote of confidence the Greek stock exchange has received in many years.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
