IPO desk
From a readiness checklist to a prospectus someone can sendFrom a readiness checklist to a prospectus someone can send
The pipeline onto this exchange is state enterprises and banks, and the work is the same every time: find what is missing, price it against something, write it, and prove every figure in it.
A real issuer: three flags, five factors with nothing behind them, no headline score.
Overallwithheldcomputing…answered 49 of 100 points
- Use of proceedsnot on filenot in the file
- Shareholdingnot on filenot in the file
- Related partiesnot on filenot in the file
- Litigationnot on filenot in the file
- Transfer restrictionsnot on filenot in the file
- Cash conversionclear564.15m of profit became 497.18m of cash — 88%
- Profit trendclear331.34m in FY2021/22 to 564.15m in FY2022/23
- Audit opinionflagqualified, with 5 audit findings behind it
- Leverageflag800.22m of liabilities against 2.62m of equity — 305.8×
- Equity baseflagequity is 0.3% of 802.83m of assets
- Panel standingwatch28 of 30 state enterprises by total assets
- Price historynot on filenot listed, so there is no traded price
Ethiopian National Lottery Administration: 3 flags, and 5 disclosure factors with nothing behind them. Below 60% answered there is no headline score — a number travels and its caveat does not.
Live, on figures read out of the terminal's cache on 2026-10-04, each carrying the year it was reported.
What it does
- Readiness, line by lineThirteen checks across the ESX listing and ECMA public-offer requirements. Each is met, a gap, or unknown — from facts already on file, with the evidence attached.
- A twelve-factor diligence rubricUse of proceeds, shareholding, related parties, litigation, transfer restrictions, cash conversion, profit trend, audit opinion, leverage, equity base, panel standing and price history, each weighted.
- Valuation that shows its workingDiscounted cash flow with the factor for every year, panel multiples on the median, offer sizing and dilution, book value. Every instrument prints the arithmetic that produced it.
- Read a filing by its own chaptersAsk a question of a draft prospectus and get the page behind every claim. Compare a draft against the final one, chapter by chapter, and see what moved.
What it refuses
On a market this thin the refusals are the product. Anything that fills a gap quietly is the thing you would have to check by hand anyway.
- A score it cannot supportA factor with no evidence is unanswered and removed from both sides of the average — never scored as a pass. Below 60% of the rubric answered, there is no headline number at all. A score travels and its caveat does not.
- A citation the document does not containEvery quote is checked back against the filing. One that cannot be found is dropped, and an answer left with no surviving quote is marked unsupported rather than shown as fact.
- A recommendationThe rubric says what to resolve before a filing, not whether to invest. The terminal is an analyst, not an adviser, and it does not issue price targets.
Reads from
- Deal intake and data room
- Audited statements
- Comparable panel
- ESX prints