IPO Clinic

Background

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

About the IPO Clinic

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.

Objective of
the Clinic

The primary objective of the IPO Readiness Clinic is to:

  • Enhance understanding of the IPO and listing process among Ethiopian companies.
  • Build a pipeline of IPO-ready companies by assessing the readiness of participating companies to undertake an IPO and supporting them to remediate identified gaps.
  • Provide tailored guidance on regulatory, financial, and operational aspects necessary for a successful IPO.
  • Connect companies with relevant industry experts, including investment advisers, accountants, legal advisers, and regulators necessary for an IPO.
  • Serve as a stop-gap solution to address immediate challenges in Ethiopia’s nascent capital market while laying the groundwork for a sustainable, competitive, and innovation-friendly capital market ecosystem.

Expected
Benefits for Participants

Expected benefits for participants are:

  • In-depth training on IPO requirements and processes.
  • Access to experts in finance, law, compliance, and corporate governance.
  • Individualized assessments of IPO readiness.
  • Networking opportunities with potential investors, regulators, and advisors.
  • Strategic guidance on improving business practices to meet IPO standards.

Eligibility Criteria

To be eligible for the Clinic, companies must:

  • Be registered and operating in Ethiopia.
  • Have a minimum of 2 years of business operations.
  • Demonstrate a sound financial track record and growth potential.
  • Be willing to commit senior management to participate in the Clinic sessions.
  • Show interest in exploring an IPO as a potential capital-raising option.

How to Apply

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 31 October 2025 with the Subject Line: “Application to Participate in the ECMA IPO Clinic – [Company Name]”. For more details click here.
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Capital markets development is a key component of the Government of Ethiopia’s
(GoE) Home-Grown Economic Reform Program and the 10-Year Development Plan
(2021- 2031). In line with this commitment, the Capital Markets Proclamation (No.
1248/2021) was adopted by the House of Peoples’ Representatives in June 2021, which
included the establishment of the Ethiopian Capital Market Authority (ECMA).

Call For Application IPO Clinic Cohort 1

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