The sale of a 49 percent stake in the world’s biggest airports operator, Spain’s Aena, has not exactly taken off.

Local media reported there was interest from just three potential core investors for what is one of the largest initial public offerings of shares in Europe this year.

Reportedly there were bids from Ferrovial, Corporacion Financiera Alba and the Children’s Investment Fund.

That is below the “six or seven” institutional investors the Spanish government had said last month would make an offer.

The plan is for a group of core investors to take a 21 percent stake in Aena.

A further 28 percent would be sold to domestic and foreign investors, primarily financial institutions, via an initial public offering with the shares listed on the Madrid stock exchange in November.

Aena operates 46 airports in Spain, has stakes in many Latin American airports and will soon also hold a majority stake in Luton airport in Britain.

The group made a profit of 715 million euros in 2013, while its airports division made a first-time profit of 597 million euros due to a recovery in passenger traffic after Spain returned to growth last year following a long recession.

with Reuters