Ethiopia Stock Exchange ESX, likely to be inaugurated in coming days, is hoping to list over 90 businesses on its boards reportedly.
The number of initial public offerings (IPOs) at the maiden bourse could surpass the stocks listed on the Kenyan stock exchange (KSE). So far, ESX has raised 1.6 billion birr in capital against a target of 631 million birr.
Ethiopian Investment Holdings (EIH) holds a 25% stake in the Exchange on behalf of the federal government of Ethiopia. State-owned firms Ethio telecom, Ethiopian Shipping and Logistics Services Enterprise (ESLSE), the Ethiopian Insurance Corporation (EIC), and Berhanena Selam Printing Enterprise combined hold another 25% stake.
Financial institutions and State Owned Entities (SOEs) s are expected to be the first to list on the ESX after its inauguration. Ethiopian Investment Holdings oversees more than two-dozen of the country’s largest SOEs, while the Public Enterprises Holding and Administration (PEHA) manages over 10.
Last month, Ethio Telecom offered 100 million shares for sale. The Ethio Telecom shares are being sold only to local investors, through Ethio Telecom mobile application called Telebirr. Ethio Telecom is expected to offer shares to foreigners too after the completion of the first phase of share sales.
Ethiopian Stock Exchange (ESX) to be Launched this Month