ESX and the Architecture of a New Market
A Record IPO, a Missed Target, and the Gap Between Registered and Trading
Executive summary
What this brief covers.
Ethio Telecom's public offering brought more than 47,000 investors into Ethiopia's young securities market, but the exchange closed FY2025/26 below its own listings target. This brief distinguishes registered companies from actively traded listings and assesses the pipeline, incentives, liquidity, and infrastructure shaping the ESX's next stage.
Ethiopian Securities Exchange; National Bank of Ethiopia; Ethiopian Capital Market Authority; Council of Ministers
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Suggested citation
Tamene, Edosa. “ESX and the Architecture of a New Market.” InfoPlate Media and Consulting, August 31, 2026.
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