Candidates are required to comply with the preliminary selection criteria formulated with the participation of the NBG, EBRD, and local investment banks.

These objective criteria have been based on investor preferences, the current market environment, and Georgian Stock Exchange listing rules:

• Public Issue size of at least USD 5mn or GEL 10mn;
• Minimum revenue of GEL 10mn.; (for either FY2020 or FY2021)
• Positive EBITDA for at least two of the last three years;
• Operating history of at least 3 years;
• Audited financial statements of at least past 2 years;
• Total equity of at least GEL 500,000;
• The following sectors are excluded from participation: Alcohol (only Wine and Beer will not be excluded); Tobacco; Weapon manufacturing; Gambling.

Candidates who proceed to the next step of the registration will be required to provide contact information as well as the company name and identification code.

Candidates should also upload:

• Audited Financial Statements for 2020 (pdf);
• Audited Financial Statements or Managerial Statements by 2021;
• The Excel file, which will present the audited financial statements for 2019 and 2020 and the audited/managerial reports for 2021; (Profit and Loss, Balance Sheet, and Cash Flow Statement)

Each candidate is required to have a contract with a local placement agent of their choosing prior to the registration deadline, which might be obtained before or after the registration.

For more information on the local placement agents, refer to the website blog.

Within 24 hours of successfully submitting the information, the candidate will receive a confirmation email. The program team will perform a detailed diagnosis of the based on the provided information and might contact company representatives for additional information.

After the diagnosis has been performed, the team will announce the list of successful candidates, as well as the waiting list.

For more information on the program methodology, please refer to the website blog.