Candidates are required to comply with the preliminary selection criteria formulated with the participation of the Central Bank of Armenia, EBRD, and local investment banks.
These objective criteria have been based on investor preferences, the current market environment, and AMX listing standards:
Public Issue size of minimum USD 700,000 in case of bonds and USD 1,500,000 in case of shares (or equivalent in AMD);
Positive EBITDA for at least two of the last three years;
Operating history of at least 2 years in case of bonds and at least 3 years in case of shares;
The following sectors are excluded from participation: Alcohol; Tobacco; Weapon manufacturing; Gambling; Banks (not including other financial institutions).
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:
An Excel file presenting the financial statements for the past three years (2022, 2023, 2024), including: Profit and Loss Statement; Balance Sheet; Cash Flow Statement (audited statements are preferred; if audited reports are not available, managerial statements are acceptable);
The Excel file should also include results for 2025, up to the most recent available month.
Audited Financial Statements Report (PDF) for the years 2022, 2023, and 2024 (if available);
Each candidate is encouraged 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 48 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.