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Ethiopia’s capital market development is a key focus of the Home-Grown Economic Reform Program and 10-Year Development Plan, with the establishment of the Ethiopian Capital Market Authority (ECMA) and the Ethiopian Securities Exchange (ESX) under the Capital Markets Proclamation (No. 1248/2021). However, challenges such as limited advisory services, regulatory knowledge gaps, and low market participation hinder progress. To address these issues, ECMA, with support from the World Bank, is launching an IPO Clinic to provide technical guidance and support to companies preparing for public markets, helping them assess IPO readiness and overcome systemic challenges, thus fostering market participation and accelerating the development of Ethiopia’s capital markets
The IPO Clinic is being established as a project office under the ECMA with a broad mandate to undertake activities towards building a pipeline of companies ready to participate in the Ethiopian capital market via equity issuances and listings. The IPO Clinic operates at an arm’s length from the regulatory and other functions of the ECMA and has minimal interface with the Ethiopian Securities Exchange (ESX).
The IPO Clinic operates a structured program of supporting companies over a one-year period, wherein companies admitted into the IPO Clinic would undergo IPO readiness diagnostic assessments to identify gaps in their readiness for IPOs, receive technical guidance and support to remediate gaps identified, participate in several capacity building and training programs and begin preparation for an IPO.
The Clinic will focus on educating selected companies on the requirements and processes involved in going public, enabling them to access the capital markets for growth and expansion.
The primary objective of the IPO Readiness Clinic is to:
Expected benefits for participants are:
To be eligible for the Clinic, companies must:
Submit an application that does not exceed 10 pages (excluding annexures). Applications must be submitted in PDF format to ipoclinic@ecma.gov.et ; by 12 PM noon on or before 14th February 2025 with the Subject Line: “Application to Participate in the ECMA IPO Clinic – [Company Name]”.
For more details click here.
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Minaye Corporate Building 15th Floor
Flamingo Area, Kirkos
Addis Ababa, Ethiopia
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