← Erudite Africa Center of Excellence Capital MarketSchool of Investment BankingAdvanced

Equity Capital Markets (ECM)

IPOs, rights issues, placements and listings on the Ethiopian Securities Exchange, from product choice to a full bank mandate

Learn how Ethiopian banks, insurers, state enterprises and growth companies raise equity and list on the ESX Main or Growth Board, then act as lead adviser to a bank listing by introduction with an ETB 1.5 billion capital raise.

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0 of 5 modules completed

What you will be able to do

Explain why companies raise equity and list, and choose the right ECM product for an Ethiopian issuer
Describe the IPO process, parties and documents under Ethiopian rules, and read a prospectus critically
Assess IPO readiness and design an offer structure that meets the ESX listing rules
Price and market an offer through investor education, book-building or fixed-price methods and digital distribution
Manage listings by introduction for widely held share companies, including banks and insurers
Run rights issues and follow-ons, compute the theoretical ex-rights price and size a bank's raise from its capital needs

The case you will follow

Bank A S.C. listing and capital raise

Bank A S.C. is a fictional Ethiopian commercial bank founded in 2012. It has 12,400 shareholders, 5.2 million shares of ETB 1,000 par, shareholders' equity of ETB 7.8 billion, net profit of ETB 1.17 billion in 2025/26 and audited IFRS accounts. Its shares have only ever changed hands through its own register. To support its growth plan under the risk-based capital rules of SBB/95/2025, the board wants to list on the ESX Main Board by introduction and raise ETB 1.5 billion of new shares. CFO Meron Haile has appointed the fictional investment bank Wonchi Capital S.C. as lead adviser, with deal lead Yonas Bekele and associate Liya Tadesse. The course opens with the Ethio telecom 2024 share offer as a reference case, and follows Bank A from product choice through readiness, structuring, pricing, distribution and listing to the capstone mandate plan.

For: Investment banking analysts and associates, ECM deal leads, corporate finance staff and CFOs of prospective issuers, and ECMA and ESX staff. Learners should first complete Ethiopian Capital Markets Law and Regulation (2.b) and Financial Modelling and Valuation (3.a) Level 1, or have equivalent knowledge.
Study time: About 5 hours online, in 5 modules (40 hours in the classroom version)
Each module: Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
Assessment: A 20-question final exam; pass mark 70%
Certificate: Erudite Africa Center of Excellence certificate of completion
Access: Module 1 free for registered users; the full course, exam and certificate for subscribers

The 5 modules

Built on

Erudite Africa training module: Ethiopian Context, topic 3.e Equity Capital Markets (ECM), Levels 1 and 2 (October 2026), extended to Advanced depth
Capital Market Proclamation No. 1248/2021 and ECMA Fee Directive No. 996/2024; ECMA Directive No. 1030/2024 on public offers (reported in the program register, text to confirm)
Ethiopian Securities Exchange Rulebook (December 2024): Main Board Rule 5.1, Growth Board Rule 6.1 and trading rules
NBE directives as listed in the lessons: SBB/95/2025, SBB/91/2024, SBB/90/2024, SBB/89/2024, SBB/88/2024, SBB/87/2024 and SBB/78/2021 (reported)
Commercial Code Proclamation No. 1243/2021 on share issues and pre-emption (provisions described in general terms)
Public reports of the Ethio telecom 2024 share offer, used as a teaching case

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.