BUSINESSES looking to raise capital no longer have to choose between staying private and going public; the Zimbabwe Entrepreneurship Exchange (ZEEX) is offering a middle path through three distinct routes onto its primary market.
The options centre on capital raise only, capital raise and listing, and secondary market listing, giving businesses at different stages of development greater flexibility in how they access the capital market. Rather than forcing every company down the same path to a full listing, ZEEX's structure lets businesses match the route to their actual need , whether that is raising money quietly, raising money while building a tradeable market for their securities, or simply unlocking liquidity for shareholders who already hold them.
Capital raise only
The first option allows a business to raise equity or debt capital through the ZEEX Deal Room without formally listing on the exchange.
Under this structure, the company can use a private placement to approach investors, high-net-worth individuals, and institutional investors. The structure also provides flexible deal terms, full Deal Room access, compliance support and investor matching.
This route could therefore suit a business that needs capital but is not yet looking to have its securities traded on an exchange. For such a company, the priority is raising the money rather than creating a secondary market for its securities.
Capital raise and listing
The second option combines fundraising with a listing.
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Under capital raise and listing, a business raises capital while simultaneously listing its securities on the ZEEX exchange. The major difference is what happens after the initial capital raise: once listed, the securities can be traded on the secondary market, giving investors a potential avenue to buy and sell them after the initial transaction.
The route therefore combines the benefits of capital raising with secondary-market trading, enhanced visibility, ongoing compliance support and investor-relations tools. While the initial capital raise is available to investors, the platform states that retail investors can participate once the securities are listed.
For a business looking not only to raise capital but also to establish an ongoing market for its securities, this provides a broader route into the exchange.
ZEEX identifies capital raise and listing as a popular option, as it allows a business to raise fresh equity or debt capital through the Deal Room while simultaneously listing its securities on the exchange. The benefit is that the company does not stop at raising capital — its securities can subsequently trade on the secondary market, providing greater visibility, price discovery and potential liquidity for shareholders.
Secondary market listing
The third option is different, as the company does not necessarily need to be raising fresh capital.
Secondary market listing allows a business to list existing securities on ZEEX to enable secondary trading and create liquidity for current shareholders. This gives shareholders a mechanism through which their securities can potentially be bought and sold in the market.
The platform highlights price discovery, shareholder liquidity and a lower-cost structure among the features of this route. It is also compatible with dual listings, allowing eligible securities already listed elsewhere to potentially access ZEEX's secondary market.
Liquidity is already building
ZEEX is not asking businesses, start-ups or SMEs to come onto an empty marketplace and hope investors arrive. The platform launched with up to US$50 million in investor commitments, including tens of millions of dollars earmarked for invoice discounting.
That gives businesses coming onto ZEEX access to a pool of capital that is already looking for opportunities — one that a successful pitch could tap into before anyone else. And as more investors join the ecosystem, with early commitments already being negotiated, that pool is expected to grow, meaning the earlier businesses position themselves on the platform, the sooner they can put their investment propositions in front of available capital.
Three routes, different objectives
Consequently, the capital-raising options demonstrate that entering ZEEX is not simply synonymous with raising money.
A company that needs fresh capital but does not want a formal listing can choose capital raise only. A business seeking both fresh capital and a market in which its securities can subsequently trade can choose capital raise and listing. And a company whose existing shareholders need greater liquidity can consider secondary market listing.
The distinction is important because businesses have different capital requirements at different stages of their development. For some, the immediate priority is funding expansion. For others, it may be building a wider investor base and creating a market for their securities. And for companies with existing shareholders, creating liquidity and enabling price discovery may be the more pressing objective.
ZEEX's primary market therefore gives businesses the ability to choose the route that best matches their current needs. The question is no longer simply whether a business should enter the capital market, but which route into the market makes the most sense for its next stage of growth.
