IE Networks and Liyana Healthcare, have become the first to complete the Initial Public Offering (IPO) readiness assessment under the Ethiopian Capital Market Authority’s (ECMA) IPO Clinic, according to Addis Fortune.

The IPO Clinic, launched with support from the World Bank, is designed to guide domestic companies toward public financing by providing diagnostic assessments, technical guidance, and access to advisors. The program aims to strengthen governance, financial transparency, and operational systems, offering an alternative to Ethiopia’s traditional bank-focused corporate financing model.

Selected from an initial cohort of 26 firms, IE Networks and Liyana Healthcare demonstrated operational capability and strategic vision. They are now working with investment advisers, accountants, and legal experts to address recommendations from the Clinic, preparing for potential listings once market conditions permit.

The IPO Clinic requires participants to be Ethiopian-registered, have at least two years of operational history, demonstrate strong financial performance, and show clear growth potential. Over a one-year cycle, companies receive technical support, training, and access to investors and regulators, creating a pipeline of IPO-ready firms.