Equity products and the Ethiopian listing framework

Module 01 / 5 · 60 min · Free preview

Why Ethiopian issuers raise equity and list, the ECM products available to them, and the ESX Main and Growth Board tests they must pass.

In this module you will learn to

Weigh the benefits and costs of raising equity and listing for an Ethiopian issuer
Match an issuer's need to the right ECM product: IPO, follow-on, rights issue, private placement, employee plan or privatization offer
Test an issuer against the ESX Main Board (Rule 5.1) and Growth Board (Rule 6.1) criteria, including float and the insider moratorium
Draw lessons for deal design from the Ethio telecom 2024 share offer

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.