When I received an SMS notifying me about Ethio telecom's 10pc share offering, I was genuinely intrigued. The public sale of shares from a major state-owned enterprise, which dominates the telecom sector, online banking, and infrastructure, is a milestone in a country where only banks have typically floated shares. It signals a bold move by the government to relinquish control of this colossal corporation, a step aligned with the economic liberalisation required by international monetary institutions.

The SMS included a link to the prospectus, a document meant to provide potential investors with the risks and liabilities associated with the shares. I was fortunate to catch an interview on Meri Podcast featuring Brook Taye (PhD) while he was head of the Ethiopian Capital Market Authority, who explained the document's purpose. In essence, the prospectus is designed to offer transparency, giving buyers a clear understanding of their investment, and serves as a safeguard against fraudulent schemes that have plagued the country due to weak regulatory frameworks in the past.

From Brook's explanation, I anticipated a relatively concise and easy-to-read document. However, I was surprised to find it was a hefty 227 pages long—far from the straightforward guide I expected. Perhaps it was my inexperience, but I found the detailed legal and financial jargon overwhelming. The document felt more like an annual report than an accessible tool for an average investor like me. It became clear that such complexity might be necessary for investors eyeing large stakes, but for individuals like myself, it was far from digestible.

Curious, I did a quick search to compare other IPO prospectuses. Google’s IPO document, similar in size to Ethio telecom’s, was equally dense. However, Apple's IPO from the 1980s, for instance, spanned only about 50 pages. Many mid-sized companies had prospectuses running a few dozen pages, far more manageable. This reinforced my belief that while simplifying complex issues is not always feasible, the document could still be made more accessible to the general public. As it stands, it appears one would need an accountant or lawyer to make sense of it.

This experience was eye-opening, revealing how the rest of the world has operated stock markets for nearly two centuries—while we are just beginning to grapple with the basics. The launch of the capital market, and Ethio telecom’s public offering, heralds the dawn of a financial sector. I can envision a future where Ethiopia hosts its stock index with analysts and financiers tracking market trends that create fortunes or spell financial ruin.

I am reminded of the Ethiopian Commodity Exchange (ECX) when it first launched under Eleni Gebremedhin (PhD). The ECX revolutionised how farmers accessed real-time global market prices, cutting out exploitative middlemen. I vividly recall the large screens displaying cash crop prices at the ECX headquarters. Back then, I thought we would soon have a stock market like those seen in the West. But, here we are, still in the nascent stages, while stock markets around the world trade shares, bonds, and other financial instruments in real-time.