As capital markets open and regulatory demands intensify, will Ethiopian banks evolve into integrated financial institutions or sharpen their edge in a specific niche? African peers offer insight. Ethiopia’s banks are at a strategic crossroads. Beyond the opportunities and threats presented by Basel II/III (sector-specific quantitative risk measurement & regulation) and the Fourth Industrial Revolution (with economy-wide implications), the emergence of a national capital market represents the most significant shift in the financial landscape in decades. It presents a fundamental choice: to transform into a comprehensive, integrated financial institution or to double down on a specialized niche and become a best-in-class provider. While the pressure to evolve is immense, the path to success is not a singular one. The critical task for every bank is to choose its Vision and client-centric Mission deliberately – and to execute with conviction. The Traditional Banking Model Under Pressure Ethiopian banks have historically thrived on a business model with two main engines: the collection of deposits to generate a net interest margin from lending, and significant fee income from essential trade services. Their primary activities revolve around providing loans and facilitating international trade by issuing Letters of Credit (LCs) for businesses. Beyond these core functions, they participate in the treasury bills market, while their involvement in government bonds has often been driven more by regulatory requirements than strategic income generation. The establishment of the capital market and the subsequent launch of the Ethiopian Securities Exchange (ESX) now creates a powerful incentive for banks to develop sophisticated services like underwriting, corporate advisory, asset management, and brokerage. We are seeing the first signs of this evolution. The establishment of investment banking units by the Commercial Bank of Ethiopia and Wegagen Bank, along with Awash Bank’s ongoing efforts, highlight a changing mindset. However, these early steps lead to a crucial question: should every bank follow the same path? Capital Markets: A Force of Disruption As Ethiopia’s capital markets deepen, banks face multiple, interconnected risks that challenge their current business model: Disintermediation: Corporates will increasingly raise capital directly from the public through bond issuances and equity offerings on the ESX, bypassing traditional bank loans. Revenue Compression: As loan volumes decline and competition puts pressure on net interest margins, banks’ core earnings will be challenged. Competition from Non-Banks: A new ecosystem of agile asset managers, fintech firms, and brokerages will compete aggressively for both institutional and retail clients. Heightened Regulatory Demands: Capital markets demand a higher level of governance, transparency, and disclosure, requiring new skills and infrastructure from banks. The Path of Integration: Lessons from Regional Peers For banks with the ambition and scale, the goal is to become a fully integrated financial institution. The examples below show this can be a powerful model. Tanzania: Banks like CRDB and NMB successfully evolved by building robust investment banking arms that provide underwriting, corporate advisory, and brokerage services. They mitigated reliance on traditional lending by partnering with pension funds and insurance companies to offer diversified investment products. Uganda: Stanbic Bank Uganda exemplifies a fully integrated model. It is a leader in IPO advisory, bond issuance facilitation, and wealth management, proving that a combined commercial and investment banking model can be highly effective. The Power of Focus: Thriving in a Niche However, building a large-scale investment bank is not the only route to success. International examples show that specialization can be an equally, if not more, profitable strategy. Kenya (SME and Retail Focus): Equity Bank did not try to out-compete established players in large corporate underwriting. Instead, it leveraged its massive base of retail and SME customers. It built a focused investment banking arm (Equity Investment Bank) to provide brokerage and advisory services tailored to its existing client base, effectively linking the grassroots of the economy to the capital markets. South Africa (Radical Simplification): Capitec Bank became one of the most successful banks in the country by deliberately avoiding complexity. It ignored investment banking and focused on providing simple, low-cost, and accessible retail banking through a brilliant digital experience. Its success proves that a bank can win by choosing not to compete in every area, instead dominating a specific segment. India (Sectoral and Geographic Niche): City Union Bank, a regional bank, has thrived for over a century by focusing intensely on the SME sector in its home state of Tamil Nadu. While larger national banks chased large corporations, City Union built deep, unshakeable relationships with local businesses, providing them with tailored financing and becoming an indispensable part of the regional economy. Strategic Imperatives for Ethiopian Banks Given these different paths, every Ethiopian bank must now make a conscious strategic choice. The key imperatives are: Define Your Winning Niche: First, conduct a rigorous self-assessment. Is your core strength in SME relationships, a vast retail network, a specific geographic region, or transactional excellence? Define the one area where you can be the undisputed market leader. Not every bank needs to be an underwriter. Build Relevant, Not Exhaustive, Capabilities: Based on your chosen niche, build the corresponding capabilities. For Aspiring Universal Banks: Develop comprehensive investment banking functions, including underwriting, M&A advisory, and asset management. For Niche-Focused Banks: If you focus on SMEs, build out your business advisory services. If you focus on retail, develop partnerships with fintechs to offer seamless access to investment products. 3. Leverage Digital Platforms for Market Access: Regardless of the model, digital is key. Integrate with mobile money services like Telebirr to create user-friendly experiences for your target customers, whether it’s a retail investor buying shares or an SME managing its cash flow. 4. Adopt Advanced Risk Management: All banks will face heightened scrutiny. Implement Basel II/III-compliant frameworks and enhance due diligence to protect both the bank and its clients in this new, more volatile environment. Conclusion: A New, Diverse Banking Ecosystem Alongside other seismic changes in the banking system, the emergence of capital markets will not create a single, monolithic banking model; it will foster a diverse ecosystem. We will see the rise of large, integrated financial institutions alongside highly profitable and respected specialist banks. The danger lies not in choosing one path over the other, but in failing to choose at

Ethiopia is on the cusp of a financial transformation. As the country inaugurates its first securities exchange and accelerates digital financial service adoption, a rare opportunity emerges: to fuse these two forces into a powerful engine for financial inclusion. If executed well, this convergence could democratize access to capital markets and reshape the country’s economic trajectory. A Digital Surge Meets a Nascent Market  The launch of the Ethiopian Securities Exchange (ESX) in early 2025 marked a watershed moment. For the first time, Ethiopian enterprises can raise capital from the public, and citizens can invest in the formal economy. Yet, this development coincides with another transformation: the rapid digitization of the financial sector.  With over 52 million Telebirr users and mobile penetration exceeding 80 million subscribers, Ethiopia is leaving traditional banking infrastructure behind. The government’s Digital Ethiopia 2025 strategy has catalyzed this shift, and banks are responding by investing in mobile-first platforms.  How Digital Financial Services Support Capital Markets  Digital banking and mobile money platforms are not merely about convenience—they are about access. In capital markets, they can play a catalytic role in expanding participation and reducing friction:  Online Trading Platforms: These democratize access to equities and bonds, allowing retail investors to participate without intermediaries.  Mobile Banking and Fintech Solutions: By lowering transaction costs and simplifying interfaces, they bring capital markets to the fingertips of everyday users.  E-KYC and Digital Identity: These streamline onboarding, especially for rural and unbanked populations.  Cross-Border Investment: Digital rails can facilitate diaspora investment and foreign portfolio flows into local markets.  Ethiopia’s Digital Financial Service Experience: Michu and Telebirr  Two local platforms illustrate the potential of digital finance to support capital market development:  Michu, a digital microloan platform, is expanding access to credit for SMEs and individuals. By enabling small-scale entrepreneurs to build credit histories and accumulate capital, Michu lays the groundwork for future retail investment.  Telebirr, Ethiopia’s dominant mobile money service, has already transformed how millions transact. Its integration with savings, bill payments, and potentially investment products could make it a gateway to the ESX for the masses.  Global Lessons: What Ethiopia Can Learn  Ethiopia is not starting from scratch. Other frontier and emerging markets offer valuable lessons:  Kenya: M-Pesa revolutionized mobile money. Its offshoot, M-Akiba, allowed citizens to invest in government bonds via mobile phones, with minimum investments as low as KES 3,000 (approx. USD 20).  India: Platforms like Zerodha and Groww have made stock trading accessible to millions, supported by Aadhaar-based e-KYC and UPI payment rails.  China: Fintech giants such as Ant Group and Tencent have enabled mass participation in capital markets through super apps that integrate payments, savings, and investments.  These examples show that mobile-based capital market access is not only feasible—it is scalable, inclusive, and economically transformative.  A Roadmap for Reform and Innovation  Unlocking this potential requires more than technology. It demands coordinated action across regulators, banks, fintechs, and telecoms. A pragmatic roadmap might include:  Policy and Innovation Roadmap  To fully realize this vision, coordinated action is needed across several fronts:  1. Regulatory Enablement  The National Bank of Ethiopia (NBE) and the Ethiopian Capital Market Authority (ECMA) must work together to:  Develop interoperable digital ID and KYC frameworks.  Allow tiered investment accounts with simplified requirements for small investors.  Encourage API integration between banks, mobile money platforms, fintechs, and the ESX.  2. Public-Private Partnerships  Banks, fintech startups, and mobile money operators should collaborate to:  Build user-friendly investment interfaces.  Launch financial literacy campaigns targeting rural and youth populations.  Pilot mobile-based IPO subscriptions and bond offerings.  3. Infrastructure Investment  Continued investment in digital infrastructure, especially in rural areas, is essential. This includes expanding mobile network coverage, improving internet reliability, and ensuring cybersecurity. Building on these advances, two material areas of digitization are poised to further accelerate the democratization of finance. First, artificial intelligence is reshaping credit scoring and lending risk models, offering more inclusive and adaptive alternatives and leveraging Basel II and III lending risk models. Second, blockchain technologies are enabling the tokenization of financial and real-world assets, while also laying the groundwork for on-chain core banking infrastructure, creating new pathways for access, transparency, and efficiency across financial systems Conclusion: A Digital Dividend Within Reach  Ethiopia’s dual transformation—digital financial services and capital market development—offers a rare chance to rewrite the rules of financial inclusion. If mobile platforms can be harnessed to deliver investment access, the capital markets will not be the preserve of the elite, but a platform for shared prosperity.  The question is no longer whether Ethiopia can build a capital market. It is whether it can build one that works for everyone.

January 2025 marked a key milestone in Ethiopia’s capital market development, as the Ethiopian Securities Exchange (ESX) officially launched, in the presence of the highest official in the nation. Banks had emerged as early investors when the Exchange raised capital, signaling initial optimism. Fast forward now, when it is time to play a leading role in the market, they seem to be taking a cautious approach with limited engagement thus far. A critical question arises: How can Ethiopian banks strategically position themselves to build a robust and competitive capital market ecosystem? Banks are indispensable to capital market ecosystems, often playing one or more of a number of multifaceted roles such as primary underwriting & distribution of securities, a whole range of advisory services to issuers of debt & equity securities, financial engineering, market-making, interbank trading & sales, prime brokerage, institutional & retail brokerage (as principal or agent) of securities, bridging & warehousing, custodial, agency & trust services, and investment management. Given Ethiopia’s relatively late entry into capital markets, substantial lessons can be drawn from countries like Kenya, India, Nigeria, China, and Singapore, to support the market growth. Kenya offers a regional perspective, having developed a banking sector that effectively supports capital market expansion. In 2024, Kenyan banks increased their investment in government securities by approximately KES 410 billion (USD 3.17 billion), bringing their total holdings to about KES 2.497 trillion (USD 19.3 billion). This demonstrates their critical role in stabilizing and deepening the bond market. Instrument Dec 2023 (KES) Dec 2023 (USD) Dec 2024 (KES) Dec 2024 (USD) Treasury Bills 204.7 billion ~1.58 billion 377.5 billion ~2.92 billion Fixed Rate Treasury Bonds 1,082.4 billion ~8.37 billion 1,130.9 billion ~8.75 billion Infrastructure Bonds 799.8 billion ~6.19 billion 988.7 billion ~7.65 billion Total Holdings 2,086.9 billion ~16.14 billion 2,497.1 billion ~19.32 billion Source : Central Bank of Kenya (CBK), December 2024 Monthly Economic Indicators Between 2020 and 2024, Indian banks, through digital investment platforms and investor education campaigns, have significantly enhanced retail investor participation, with Demat accounts[1] growing at an approximate CAGR of 39%[2]. Between 2019 and 2024, Nigeria’s capital market experienced significant growth, with the Nigerian Exchange Group’s market capitalization increasing from approximately ₦12.79 trillion to ₦62.76 trillion[3]. This represents a compound annual growth rate (CAGR) of about 38.5%. In USD terms, using an average exchange rate of ₦460 to USD 1 over this period, the market capitalization grew from approximately $27.8 billion to $136.4 billion.​ This remarkable expansion is attributed to collaborative efforts among the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Group (NGX), which have collectively enhanced market stability and bolstered investor confidence. Notably, the CBN’s banking sector recapitalization initiatives have played a pivotal role in attracting increased investments into banking stocks. China illustrates the transformative potential of both state-owned and private banks in market expansion. Through strategic investments and innovative financial products, Chinese banks have significantly contributed to the development and diversification of the country’s capital markets, even as stock market growth has experienced fluctuations between 2018 and 2023. In Singapore a robust regulatory framework demonstrated how seamless integration between banking and capital markets can foster substantial financial sector advancement. Singaporean banks have thrived due to transparent governance, stringent compliance standards, and a robust regulatory environment that has attracted significant foreign direct investment (FDI), with financial services contributing nearly 14% to Singapore’s GDP in 2023. Source: Shanghai Composite Index annual returns, Nigerian Stock Exchange All-Share Index annual returns, Bombay Stock Exchange Sensitive Index Ethiopia, by contrast, faces a number of structural and operational hurdles in building a comparable ecosystem. These include a narrow financial product base dominated by short-term government instruments, underdeveloped institutional investment capacity, low public awareness of capital markets, and regulatory fragmentation. Furthermore, banks often lack the internal capacity for capital market services such as underwriting, corporate advisory, and wealth management. The dominance of state-owned banks further narrows innovation and risk-taking in developing diversified capital market services. To address these challenges and harness the potential of capital markets, banks must take a more proactive role. This calls for a coordinated roadmap aligned with the broader market development agenda. A Roadmap for Ethiopian Banks The strategic roadmap for Ethiopian banks can be summarized as follows: Diversify Investment Offerings – Move beyond government securities by supporting corporate bonds, green finance, infrastructure bonds, and structured financial products tailored for domestic investors. Educate and Onboard Retail Investors – Launch large-scale financial literacy and awareness campaigns. Leverage mobile platforms and digital onboarding tools to bring in first-time investors. Develop Advisory & Underwriting Capacity – Build or partner with investment arms focused on initial public offerings (IPOs), private placements, and SME listings. Collaborate with Regulators – Work with regulatory bodies to co-develop frameworks that reduce barriers, streamline disclosures, and enhance investor protection. Risk Awareness Beyond the future requirements of Basel II and III central banking regulatory frameworks, as banks deepen engagement in capital markets and transition their business models to remain relevant (buy & hold to originate & distribute), they must  develop robust trading & investment risk management frameworks. Potential pitfalls include over-concentration in specific asset classes, market volatility, low liquidity in new instruments, and reputational risks from failed offerings or poor governance of listed entities. Risk-based pricing, due diligence, and improved transparency are key to maintaining long-term stability and investor confidence Conclusion Ethiopian banks stand to significantly benefit by strategically adopting international best practices. Drawing from Kenya’s bond market strategies, India’s investor engagement initiatives, Nigeria’s integrated regulatory environment, China’s innovative banking approaches, and Singapore’s rigorous regulatory frameworks, Ethiopian banks can chart a clear roadmap. With a focus on investor education, strategic diversification, regulatory alignment, digital innovation, and risk & distribution-conscious product development, banks can build a vibrant and resilient capital market ecosystem; one that accelerates economic transformation and secures Ethiopia’s place as a financial hub in East Africa and beyond. [1] Dematerialized Account: It’s an account that allows investors in India to hold shares and securities electronically instead of in paper form.

Ι. Customer dynamics Ethio Telcom’s IPO has drawn much of the publicity in the mainstream media. Our focus here is on the valuation at the IPO which is set at  ETB 300Bn (USD2.5Bn). Ethio Telecom’s valuation multiples indicate a higher premium compared to its counterparts, despite the macroeconomic uncertainty and political challenges in Ethiopia. Considering the current landscape, this premium appears to be on the higher end. We could argue that Ethio Telecom’s multiples should be below those of its peers, especially given its exposure to foreign currency-denominated debt and the significant devaluation of the Ethiopian birr. Let’s explore some key driver to better understand the valuation Ι. Customer dynamics The telecom and mobile money industry relies heavily on customer growth and retention, which are essential drivers of revenue. Within this segment, there are some KPIs worth noting. Average revenue per user (ARPU) Subscribers growth Churn rate Metrics 2024 2023 2022 Blended ARPU (ETB) 91.6 79.3 78.6 Total subscribers at end of year (m) 78.3 71.9 66.6 Source: Ethio Telecom Prospectus In terms of subscribers and ARPU, the company has shown significant growth. However, there is a lack of data regarding the churn rate, which makes it difficult to fully assess the sustainability of this growth. ΙΙ. Market Dynamics and Performance In Ethiopia, the telecom and mobile money markets are predominantly controlled by Ethio Telecom, which generates 95% of its revenue from telecom services and holds a 95% market share. Safaricom, on the other hand, maintains a 5% market share. This strong position has allowed Ethio Telecom to achieve an attractive EBITDA margin, comparableto other companies operating in similar markets.  Companies LTM Revenue (USD mm) LTM EBITDA (USD mm) EBITDA Margin (%) Ethio Telecom 1,015.23[1] 458.0 45.1% Safaricom PLC[2] (NASE: SCOM) 2,681.9[3] 1,184.20 44.2% Airtel Africa PLC[4](LSE: AAF) 4,780.0[5] 1,997.0 41.8% Source: Compiled from Capital IQ and Ethio Telecom Prospectus III. Comparable transactions Assessing comparable transactions provides a view on how similar companies are traded in other markets. Companies TEV/Total Revenues LTM Latest TEV/EBITDA LTM Latest Ethio Telecom 3X3x 7.3X Safaricom PLC 2.6X 5.5X Airtel Africa PLC 2.0X 4.2X Source: Compiled from Capital IQ and Ethio Telecom Prospectus IV. Uncertainty over Liabilities The active financing agreements outlined in the prospectus show that the outstanding debt as of June 30, 2024, was USD 302.3 million, financed by three different lenders. Notably, all repayments are denominated in USD. Given the recent shift in currency policy, this outstanding debt effectively doubles in birr terms, considering the current exchange rate of 115 (equivalent to ETB 17.7 billion on June 30, 2024, and ETB 34.8 billion on October 22, 2024). This burden is expected to grow as the birr loses value in the coming months. The treatment of net debt in the valuation remains unclear, but it should ideally be deducted from the valuation, which raises further concerns about the current valuation. This lack of clarity strengthens the argument that the company may be overvalued, especially in light of its escalating foreign currency liabilities. In conclusion, while Ethio Telecom’s IPO valuation may seem optimistic, a more reasonable range might lie between 3.0x and 4.0x, given the company’s fundamentals and the challenging macroeconomic environment. The ongoing uncertainties around currency depreciation and debt repayment create additional risks that potential investors must consider. What do you think—does Ethio Telecom’s market dominance justify this premium, or is the valuation setting investors up for disappointment? [1] Revenue converted to USD with an estimated average exchange rate of 90 considering the revenue covers the full 2024 revenue. [2] Listed on the Nairobi Stock Exchange [3] LTM as of 31 – Mar – 2024 [4] Listed on the London Stock Exchange (LSE) [5] LTM as of 30 – Jun – 2024

Understanding the listing requirements and the marketplaces in which a company wishes to be listed is an important aspect of a company’s decision to go public. In the UK exchanges, for example, a company (UK origin or international) needs to select between the London Stock Market (main market) and Alternative Investment Market (AIM)[1] to start the listing process. The main market is designed for companies with operating track records and larger funding aspirations. AIM, on the other hand, is built on a simplified regulatory framework specifically designed for small and emerging companies. Both markets have key eligibility requirements for listing, but we have chosen the following four major criteria to zoom in and provide an overall view: Public floatation: A portion of the shares in the hands of the public. In the UK exchanges, a minimum of 25% of the shares must be floated on the main market; however, this rule does not apply to AIM. Financial information disclosure: The disclosure requirement in the main market includes historical financial information for at least three years prepared in accordance with International Financial Reporting Standards (“IFRS”) or other international accounting standards; an operating and financial review covering the issuer’s financial condition and operating result; and capitalization and indebtedness. The financial disclosure on AIM is limited to historical financial performance, and IFRS or international accounting rules apply. Corporate governance: The AIM requires the issuer to align and agree on the appropriate corporate governance measures with the nominated advisor. There is a more stringent requirement in the main market that requires the issuer to establish a board; have an independent non-executive director (INED); and maintain a sound risk management and internal control system in the board. Market capitalization: There is a minimum market capitalization requirement on the main market; however, there is no restriction or minimum requirement in the AIM. On this side of the world, Ethiopia has begun the long journey of developing a robust and vibrant capital market, with authorities adopting best practices from emerging and developed markets while developing the regulatory framework. So far, three directives have been drafted on licensing and operating securities exchanges and trading platforms, recognizing self-regulatory organizations (SROs), and licensing and supervising capital market service providers. In the coming months, we are expecting more directives[2] that would ultimately create the playing field for service providers, investors, companies, and the government. The IPO listing requirements are expected to demand a proper corporate governance structure, financial disclosure, and compliance and risk management system and tools at a bare minimum. This demands a significant shift from existing practice, which takes a very high-level approach to financial disclosure and corporate governance obligations while ignoring risk and compliance requirements. Beyond setting up a board, corporate governance should involve the inclusion of non-executive directors in the board; building independence and integrity within the board; and including independent advisory member with industry expertise in the board. Ethiopia adopted the IFRS nearly ten years ago, but there is still a significant gap in the country’s financial disclosure and conformity to the standards. The country’s less than 1,000 certified accountants have played a role in improving the caliber of financial statements and audit reports over time, but there is still much work to be done.   Marketing is essential aspect of the listing process. Marketing has caused concern among Ethiopians and the relevant government bodies[3] due to companies raising public capital making exaggerated and unrealistic return on investment promises. We anticipate that this will be monitored in upcoming directives, and regulators will scrutinize marketing materials and processes to safeguard the public from such activities. Building a vibrant capital market will take time and learning from other countries will be an important part of the process. Stakeholders, including businesses, service providers, associations, and the government, will need to keep up the encouraging work laying the groundwork for the future. [1] There is a third market, Professional and securities Market (PSM) but our focus is on the other two markets explained in the blog[2] RiseAddis will publish a review when the Ethiopian Capital Market Authority issues the listing requirements in the next round of directives.[3] https://www.thereporterethiopia.com/34620/

As Ethiopia is gearing up to open its capital market, the Capital Market Authority and Securities Exchange are going full steam with the fund-raising road show for the latter with a target opening of 2024. As ambitious as it is, it’s happening. To add fuel to the momentum, the School of Commerce and the Chartered Institute for Securities and Investment (CISI) have also recently started training professionals, intending to increase the talent pool in the market. Amid all this, one of the real estate players, Flintstone, announced that it was issuing shares to the public[1].  This blog sheds light on the process currently and what it might be when the capital market opens. Currently, without the new capital market infrastructure, a company that issues shares to the public: prepares a prospectus that outlines the price per share, the draft memorandum of association, a summary of expert valuation (if there are contributions in kind), and the management team; submits it to the Ministry of Trade (MoT); secures approval; and announces that it will sell the shares. In this process, the price is fixed by the issuer, the involvement of professional service providers is limited to audit firms and lawyers and the MoT review process is opaque. The process lacks transparency and offers limited information to the public to make the ultimate decision: buy or not buy, and at what price? In the future, going public will be a lot more sophisticated with the involvement of an underwriter and/or lead arranger (an investment bank), a transparent process, and ultimately market factors determining the price of the issued shares. Internationally, an IPO process (preparation & execution) takes between six months and two years; it would be wise to assume the same in Ethiopia, if not more, at least initially. But the more critical question here is why and what takes place within that time frame, despite its duration. Company readiness: The company planning to go public needs to understand and be aligned with existing shareholders about why it aspires to go public. A company usually goes public to raise more money when it thinks it has matured and has the muscle to cope with the regulatory requirements of going public or payout a return to existing shareholders for taking the early risk. Choosing the underwriter: The selection of the underwriter is also critical, as it has the potential to dictate who invests in the company and how smoothly and efficiently the process runs and is executed. A company can base its decision to select the underwriter on industry expertise, previous track records, prior relationships, etc. Due diligence and regulatory filings: Throughout the IPO process, companies must fill out and submit a variety of documents, including financial statements. The registration statement is the key document used to file the IPO. It is divided into two parts: The prospectus and private information that must be submitted to the security authority are not required to be disclosed to investors. The underwriter prepares the prospectus, and the quality of the research conducted establishes the assumptions that drive the business. Pricing: After going through a rigorous regulatory and compliance process, the underwriter starts book building, which in most cases sets the base for setting the IPO price. During the roadshows, potential investors get a deeper understanding of the financial performance, strategy, and management team of the target company. In the roadshows, the underwriter receives nonbinding offers from investors, which are then used to set the offer price for the company. Alternatively, there could also be a fixed-price IPO, which is set by the company in consultation with the underwriter. In both cases, the offer price is impacted by factors including the current value of the company, future prospects, and market forces (demand and supply). Going public: The final stage of an IPO is going public: listing, which enables shares to trade in the secondary market. Flintstone might just be the last company to “go public” in the current environment without the capital market infrastructure. In the future, there will be more companies going public; time will tell who the first company to IPO will be. [1] https://businessinfoeth.com/flintstone-homes-to-go-public/

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