IPOs for SMEs: Can Capital Markets Close the Financing Gap?

Moderator
Staci Warden, Executive Director, Center for Financial Markets, Milken Institute

Speakers
Ana Carvajal, Lead Financial Sector Specialist, World Bank Group
Ashish Chauhan, CEO, Bombay Stock Exchange
Siobhan Cleary, Head of Research and Public Policy, World Federation of Exchanges
Nick Thadaney, President and CEO, Global Equity Capital Markets, TMX Group
Over the last decade, policymakers and market players worldwide have started looking at new, nonbank finance sources for rapidly growing small and medium-sized enterprises, including the creation of dedicated SME boards on local stock exchanges. This panel will review the successes and pitfalls when SMEs look to capital markets for finance.

What are the key lessons learned, globally, from recent efforts to expand SME access to capital through equity markets?
How effective have SME exchanges been in attracting listings and expanding firms' access to capital?
What attracts investors to SME listings and what can exchanges do to promote greater investor participation?