Serbia: IPO Go! - Support to BELEX in the Design and Introduction of a Listing Support Programme



Business sector:

Equity funds, Non-bank financial institutions

Contract type:

Consultancy Services

Notice type:

Invitation for expressions of interest (CSU)

Issue date:

27 Jun 2017

Closing date:

29 Sep 2017   at  17:00   Belgrade

Clarification 10/08/2017: i)  The Assignment Start Date and Duration section below has been amended. The expected Start Date is November 2017.

Clarification 03/08/2017: i) The closing date for submission of expressions of interest has been extended to 29 September 2017 at 17:00 Belgrade time.

ii) The Consultant Profile section and evaluation criteria have been amended. Firms are advised to refer to the amended sections below.

Executing Agency (Client):
Belgrade Stock Exchange (the “BELEX”)
Omladinskih brigada 1
11070 Belgrade
Telephone: +381.11.311.73.11

The Client Contact Person:
Sinisa Krneta, CEO of BELEX
Tel: +381-11-311-7297

EBRD's Contact Person:
Sophie Medert, Selection Advisor
European Bank for Reconstruction and Development
One Exchange Square
London EC2A 2JN, United Kingdom
Tel: +44 2073387371

Assignment Description:

The Belgrade Stock Exchange (the “BELEX”) has requested the European Bank for Reconstruction and Development (the “EBRD” or the “Bank”) to provide technical assistance for the design and implementation of a listing support programme (IPO Go! Programme) for companies in Serbia (the “Assignment”).

Equity capital is indispensable whenever a company, with the typical combination of internal and external financing, operates in a more or less credit-oriented financing culture – like this is the case in Serbia - reach their growth limits. Under the competitive conditions of globalisation, a growing number of Serbian companies are now compelled to pursue strategic growth strategies that can only be achieved through access to equity capital. The same applies to the exploitation of growth potential of technology companies that need to take advantage of windows of innovation and market opportunities that exist for only a limited period of time. Therefore capital is needed and Belgrade Stock Exchange provides an Initial Public Offering (IPO) platform for listing companies. When companies become listed, they have access to capital market financing and can attract domestic as well as international investors.

The IPO Go! Programme is aimed at increasing the awareness and demand for investment capital and the supply of securities on the BELEX, one of the components to develop the Serbian capital market. The Programme will aim to introduce companies to BELEX and to the processes and advantages of listing on the stock exchange to raise capital. It will focus on those companies that have the best potential to use BELEX for raising equity capital. The specific objective of this Assignment is to design and introduce the IPO Go! Programme with the aim to create awareness, build capacity and provide support services to companies enabling them to make informed decisions on an IPO on BELEX.

In order to fulfil the Assignment’s objectives, BELEX is now seeking to appoint a highly specialised consulting company or a consortium of companies (the “Consultant”) to carry out following activities:

Activity 1: Design the IPO Go! Programme (capacity building and advisory programme) with the aim to design the IPO Go! Programme as a strategic approach to marketing IPOs and listings on BELEX. It is assumed that a sustained increase in listings is likely to boost the liquidity and increase the attractiveness of the local stock exchange and the Serbian capital market for local and international investors. It will also make it easier for local businesses to raise long-term risk capital at reasonable cost, thus sustaining growth and employment. Deliverable of Activity 1 will be the IPO Go! Design Report approved by BELEX.

Activity 2: Implement the IPO Go! Programme by identifying two to three pilot companies which will receive support from the Programme to conduct an IPO followed by listing on BELEX.

It is expected that the Consultant will closely liaise with BELEX and EBRD to ensure a targeted approach aligned with the overall capital market development efforts of key market stakeholders.

A high level of interaction with all key capital market participants and the selected companies is required to ensure a successful implementation of the Assignment.

Please see detailed Terms of Reference for the Assignment.

Status of Selection Process: Interested firms or groups of firms are hereby invited to submit their expressions of interest.

Assignment Start Date and Duration: The Assignment is expected to start in November 2017 with an estimated overall duration of 14 months.

Maximum Cost Estimate Available for the Assignment: EUR 120,000; exclusive of VAT.

The Consultant must determine whether any indirect taxes/VAT are chargeable on the proposed services and state the basis for such. If any indirect taxes/VAT are payable, the EBRD’s Client will have to pay indirect taxes/VAT element to the services directly to the Consultant unless otherwise agreed.

Funding Source: It is expected that the Assignment will be funded by the EBRD Shareholder Special Fund (SSF). Please note selection and contracting will be subject to the availability of funding.

Eligibility: There are no eligibility restrictions other than stipulated in Procurement Policies and Rules.

Consultant Profile: Corporate services are required. The Consultant will be a company or a group of companies specialised in corporate finance, the delivery of advisory services to companies and has a track record of IPO/listing processes, preferably in the Western Balkans and/or the Central and Eastern Europe (CEE)  region. The Consultant must have a proven track record of equity IPO and subsequent listing on Western Balkan or CEE stock exchange, as well as experience in working with market operators and/or companies on similar consulting assignments. The Consultant has to propose a team of highly specialised experts who will carry out the assignment.

It is expected that the Consultant's team will comprise of the following key experts:

Key Expert 1: Team Leader / Securities Market Expert

  • Preferably 10 years’ advisory experience in the area of corporate finance, IPOs/listings and/or investment banking;
  • Preferably 5 years of project management experience including acting as Team Leader on similar assignments;
  • In-depth knowledge of equities;
  • Good understanding of  equity IPO process, in a regional context;
  • Acted as a team leader/ securities market expert in advising at least two companies on equity IPOs/listings on investment bank or brokerage level;
  • Excellent communication, analytical, report writing and presentation skills;
  • Proficiency in written and spoken English. Knowledge of the Serbian language at an appropriate level is a distinctive advantage.

Key Expert 2: IPO/Listing Specialist(s)

  • Preferably 5 years’ advisory experience related to IPOs and listings
  •  Preferably 3 years’ experience in equity markets;
  • Experience in advising clients on corporate finance, IPOs and listings;
  • Good understanding of equity IPO process, preferably in a Serbian and/or regional context;
  • Experience in conducting trainings and workshops for companies;
  • Advised preferably more than two companies on equity public offerings in previous five years;
  • Proficiency in written and spoken English. Knowledge of the Serbian language at an appropriate level is a distinctive advantage..

Key Expert 3: Communication/Marketing Expert

  • Preferably 5 years communication, marketing and/or PR expertise;
  • Experience in advising clients on corporate communication or marketing material/tools/activities in relation to corporate finance or investor relations;
  • Excellent communication and presentation skills;
  • Proficiency in written and spoken Serbian and English language.

Additionally, it is important that at least one expert has in-depth knowledge of the Serbian company landscape and relevant contacts to companies and institutional investors.

Submission Requirements: In order to determine the capability and experience of consulting firms, the information submitted should include the following:

a) Overview of the firm/group of firms including company profile, organization and staffing (max. 2-4 pages);

b) Details of previous project experience or similar assignments particularly undertaken in the previous five years, including information on contract value, contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided (if different from duration) , main activities, objectives.

c) CVs of key experts who could carry out the Assignment detailing qualifications, experience in similar assignments, particularly assignments undertaken in the previous five years, including information on contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided, assignment budget, main activities, objectives.

d) Brief technical proposal for the Assignment implementation, including the Consultant’s understanding of the objectives, the proposed approach and methodology to a successful delivery of the Assignment, a work plan with milestones, and a team input summary indicating the number of working days allocated to the Assignment by each Key Expert. Templates are included in the annexes to the TOR (in the link provided above).

e) Financial Proposal in the attached format (the link is provided here).

f) Completed Consultant Declaration Form and Contact Sheet, the template for which is available at:

The above information should not exceed 25 pages, excluding CVs and Consultant Declaration Form and Contact Sheet.

The complete expression of interest is to be submitted in English and by e-mail, preferably as one file (pdf or Word), clearly labelled “Expressions of Interest - Serbia: IPO Go! - Design and Introduction of a Listing Support Programme” to the Executing Agency’s contact person given above with a copy to EBRD no later than the closing date and time.


1. The selection will normally be made from responses to this notification only. Consultants will not be asked to submit a proposal. The highest-ranked Consultant will be selected from a shortlist and be invited to negotiate the contract, subject to availability of funding.

2. The shortlist criteria and weightings are as follows:

  1. Firm's previous project experience in corporate finance, advisory services to companies, and IPO/listing processes, preferably in the Western Balkans and/or the Central and Eastern Europe (CEE)  region. The Consultant must have a proven track record of working with market operators and/or companies on similar consulting assignments - 20%
  2. CVs of proposed Key Experts – 40%
  3. Quality of the Consultant’s brief technical proposal – 20%
  4. Financial Proposal - 20%

The lowest evaluated Financial Proposal (Fm) is given the maximum financial score (Sf) of 100.

The formula for determining the financial scores (Sf) of all other Proposals is calculated as following:

Sf = 100 x Fm/ F, in which “Sf” is the financial score, “Fm” is the lowest price, and “F” the price of the proposal under consideration.

Proposals are ranked according to their combined technical (St) and financial (Sf) scores using the weights (T = the weight given to the Technical Proposal; P = the weight given to the Financial Proposal; T + P = 1) as following:  S = St x T% + Sf x P%.