Shearman & Sterling has advised Aegean Airlines on its Athens Exchange IPO, which closed earlier this month. The IPO, which involved 25 per cent of the airline’s share capital, raised around €125m (£84.55m). The proceeds will go towards financing the airline’s €1bn (£680m) fleet renewal programme, which will see its entire Boeing fleet replaced with new Airbus A320 aircraft. The Shearman team acting on the deal was led in London by US capital markets partner Richard Price and included a number of associates and trainees from the US tax, M&A and capital markets practices. According to Shearman, the float represents the most significant recent Greek IPO.