OPENING THE DOOR FOR SMES TO CAPITAL MARKET FINANCING
The SME Pre-listing Support Programme assists the Greek companies to prepare for entering and raising funds from the public capital market. The equity or corporate bond issuance allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth and expansion.
The programme offered by the European Bank for Reconstruction and Development in cooperation with the Ministry of Economy and Development of Greece and the Athens Stock Exchange (“ATHEX”) aims to increase awareness of corporate bond listings and Initial Public Offering (“IPO”) of private companies and support them in their preparation to access financing through the capital markets.
SMEs participating in the programme will benefit from a planned, comprehensive programme of technical assistance and advice tailored to their specific needs for capital market funding. This programme may include operational, managerial and technical advisory aimed at creating a value proposition that will support the route to the capital market. It will also include efforts to raise standards of corporate governance and of financial management and reporting. In addition, we will deploy experts who can strengthen the SME’s ability to develop targeted marketing campaigns for investor relationships. These experts will also help SMEs to meet the technical requirements for a corporate bond issuance or IPO.
WHAT ARE THE PROGRAM OBJECTIVES?
The general objective of the Program is to increase the level of capital market activity in Greece by increasing the capacity of investable local businesses to investors and raising awareness of capital market opportunities for SMEs.
The specific objective of the Program is the provision of pre-listing advisory services to a selected number of SMEs which are willing to conduct an IPO or a corporate bond issuance on the ATHEX, setting an example to other SMEs. The ultimate goal is for the SMEs to get prepared for capital market funding adhering to the exchange’s listing rules and regulations.
WHO IS IT FOR?
Whether you are a family-owned business planning succession, a private firm or a revenue-generating start-up seeking new equity that wishes to raise finance through the domestic capital market, we are looking for committed, transparent and financially viable enterprises operating in a wide range of sectors and headquartered in Greece.
We cannot engage with:
- companies that have more than: €50 million in turnover, €43 million in balance sheet totals or 500 employees
- companies that operate in military activities or production, in tobacco, gambling or financial services
- companies that do not comply with the EBRD’s standards of integrity and compliance (see http://www.ebrd.com/integrity-and-compliance.html)
HOW DOES IT WORK?
Following your application and as a shortlisted enterprise you will receive a planned, comprehensive programme of technical assistance and advice tailored to your specific needs for capital market funding.
The advice will cover relevant technical and operational aspects of conforming to capital market requirements. Assistance will be provided over a period of up to 18 months and delivered by local and international advisers, selected by the EBRD in consultation with your enterprise.
Advisory support is provided on a cost-sharing. Beneficiary companies will have to contribute 12% of the cost of the provided advisory services.
The EBRD and the Athens Stock Exchange expect a strong commitment from firms selected to participate in this SME Pre-listing Support Programme. Our support will be complete when your company has selected an investment bank which will be responsible for the formal listing process . Your company will be expected to cover the costs related to these final steps.