ENABLING SMEs TO ACCESS THE LOCAL CAPITAL MARKET

The SME Pre-listing Support Programme helps Greek SMEs prepare for raising funds through the local capital market.

The Programme is offered by the European Bank for Reconstruction and Development in cooperation with the Athens Stock Exchange (“ATHEX”) and is funded by the Greek Government through the ‘Hellenic Republic / EBRD Technical Cooperation Fund – TCF’, aiming to increase awareness of corporate bond listings and Initial Public Offerings (“IPOs”) of private companies on the Athens Stock Exchange. The programme will support these companies in their preparation to access financing for future growth and expansion and allow them to tap into a wide pool of potential investors through equity or corporate bond issuance. This is particularly important during the unprecedented circumstances caused by the Covid-19 crisis with uncertainty weighing on both economic activity and financing prospects. A growing number of Greek enterprises are now compelled to pursue strategic opportunities and broaden their funding options through access to 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. The programme may include operational, managerial and technical advisory services aimed at creating a value proposition that will support the route to the capital market. It will also include measures to raise standards of corporate governance, financial management and reporting. In addition, we will deploy experts who can strengthen the SMEs’ ability to develop targeted marketing campaigns to attract investors. These experts will also help SMEs to meet the technical requirements for the preparation of a corporate bond issuance and/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 enhancing the capacity of investable local businesses to access 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. The aim is to prepare SMEs for capital market funding adhering to the ATHEX listing rules.

 

 

WHO IS IT FOR?

Whether you are a family-owned business planning succession or a private firm that wishes to raise finance through the local capital market, we are looking for committed, transparent and financially viable enterprises operating in a wide range of sectors and headquartered in Greece.

The Programme cannot engage with:

  • companies that have more than: €50 million in turnover or €43 million in balance sheet totals, and more than 500 employees
  • companies that are in their start-up phase or have less than €15 million in turnover
  • 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 their successful application, shortlisted companies will receive a planned, comprehensive programme of technical assistance and advice, tailored to their specific needs for capital market funding.
The advice will cover relevant technical and operational aspects of fulfilling the 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 the company.

Beneficiary companies will have to contribute 15% 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 the SME Pre-listing Support Programme. The Programme’s support will be complete when the company has selected a listing advisor who will be responsible for the listing process. The company will be expected to cover the listing costs.

 

 

HOW TO APPLY

Companies can apply by completing the dedicated application form and marking the relevant SME Pre-listing Support Programme application field.

 

CONTACT

Companies interested in finding out more about how the capital markets can offer alternative ways of financing and how the Programme can assist them, can send an expression of interest at prelistinggreece@ebrd.com to either attend the relevant webinar which will be organised by EBRD and ATHEX or to arrange a one-to-one meeting.

For any other inquiries, please also contact prelistinggreece@ebrd.com

 

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