Ethiopia’s largest private bank Awash Bank S.C. has listed on the Ethiopian Securities Exchange (ESX) Main Board, offering its 12,143 shareholders the chance to trade shares in a regulated exchange environment and to benefit from transparent information about bids, offers and closing prices.
The shares have been trading under ticker symbol AWAB since the ESX bell-ringing ceremony on 23 April.
Awash Bank has registered its 54.07 million issued shares (par/ nominal value of ETB 1,000 each) with the Ethiopian Capital Market Authority (ECMA). The shares are held in dematerialized form at the National Bank of Ethiopia National Bank of Ethiopia. Of these, 37.9m shares are fully paid up and listed for trading, being existing shares, with no new shares issued.
According to the ESX announcement, Tilahun Esmael Kassahun, CEO of the ESX commented: “Welcoming Awash Bank to our main market underscores the growing confidence in our exchange and its potential to drive economic growth. This listing provides investors with an opportunity to participate in a regulated market.”
Mr. Tsehay Shiferaw, CEO of Awash Bank, said: “Listing on the ESX is a proud moment for our more than 20,000 employees and more than 12,000 shareholders. We have always been pioneers, and today we continue that legacy.”
The bank was established in 1994 as the first privately owned bank in Ethiopia after the fall of the Derg government, which nationalized previously private banks. Awash Bank was set up by 486 shareholders and started operation in 1995 with one branch, 37 staff and ETB 24m in paid-up capital. Since then it has grown its paid-up capital to ETB 38bn by December 2025 and its shareholders to 12,143. It operations grew to a network of 1,004 branches and 20,920 staff in June 2025, with strong digital banking and financial inclusion offerings.
The process leading up to the listing involved the registration and admission of the existing shares. There was no capital raise or share offering and there was no book-build or share offer price.
The Awash Bank prospectus, dated 13 March 2026, details that transaction advisor i-Capital Institute PLC produced a valuation report for the board but adds (p195) “since the company is listing by introduction, an independent valuation of existing shares is not applicable”. The valuation report is available at the bank’s headquarters.
According to the prospectus, total assets were ETB 442.5bn at 30 June 2025, and profit before tax was ETB 25.7bn ($164m), up from ETB 10.8 bn in the year to June 2024. It scored net profit of ETB 18.7bn ($119m), up from ETB 8.7bn for the year to June 2024.
Tables from the Awash Bank prospectus:
Before the ESX, often when someone bought bank shares from a seller, the price was often registered at the nominal value, usually ETB 1,000 per share. Unofficially there were reports that people bought and sold Awash Bank shares informally at ETB 2,500 in the months before listing.
After listing the closing price on thin volumes has been just over ETB 3,000 per share on some days, according to market reports on the ESX’s Neway app. This gives the share a market capitalization (total value of all shares listed) of ETB 113.7bn ($727m) and the shares are at a PE (price earnings) ratio of approximately 3.8x.
Michael Masrie, writing in The Africa Report, comments: “Fewer than 9,000 shares changed hands in a limited number of trades during the opening session. The implication is clear: demand exists, but depth does not. Price formation remains fragile, shaped by low volumes rather than broad participation.”
He quotes economist and consultant Girum Amaha : “Since there is no offer price in the prospectus, the market determines the price. Investors look at informal trades and other banks, but real price discovery will only become clear when more shares and more companies are actively traded.”
Listing on the ESX Main Market reinforces the bank’s commitment to the highest standards of corporate governance, transparency and shareholder accountability. The listing gives the bank new routes to raise capital in future and offers the public the chance to share in future growth and profitability.
More capital market progress
On 22 April the ECMA announced that it had registered 15m shares in Zemen Bank S.C., being the shares already held by shareholders. Zemen is likely to be joining the listings pipeline. The ESX is aiming for nine listings by July.
On 21 April the authority granted a Capital Market Service Provider (CMSP) licence to Prime Capital S.C., authorizing it to operate in the Investment Banking (non-banking group) category (see announcement), There are now 6 investment banks among the 17 licensed CMSPs.
According to news reports including Birrmetrics, the ECMA has also issued an urgent public cautionary notice warning investors against purchasing unregistered shares being offered by “Baira Share Company” promoting shares in a proposed bottled water factory called “Arba Minch Water”.
Photos: Celebrating the listing of Awash Bank on 23 April. Top photo (left to right): Awash Bank CEO Tsehay Shiferaw, Ethiopian Investment Holdings CEO and ESX Board Chairperson Brook Taye, and ESX CEO Tilahun Esmael Kassahun. Photos supplied by Ethiopian Securities Exchange (ESX).