Belgrade Stock Exchange: First IPO in 2027, Bonds in 2026
Belgrade Stock Exchange CEO Lazo Ostojic announced at the Capital in Motion conference the exchange's first IPO for 2027, corporate bonds by year end, and an IPO from a state owned company.
The Belgrade Stock Exchange expects its first IPO in 2027, exchange CEO Lazo Ostojic announced today at the Capital in Motion conference in Sava Center in Belgrade. Several companies, he said, are already prepared to offer corporate bonds on the market by the end of 2026, while an initial public offering of shares is still only under consideration.
Ostojic explained that domestic companies can no longer rely solely on bank financing, since banks face their own limits, and firms have to turn to the capital market instead.
“Companies have hit a wall they can’t get past anymore, because banks have their own limits,” Ostojic said at the conference in Sava Center.
The first corporate and green bond issues, he said, send a positive signal to other companies weighing a market listing, though many still lack a clear understanding of the process itself.
A state owned company IPO is also expected
Alongside private firms, Ostojic expects at least one IPO from a domestic state owned company, though he did not name which one. Several private companies in Serbia, he said, are currently considering offering a stake to investors, but the final call rests entirely with them.
Ostojic also recalled that a similar program ran in 2018, with several companies going through it, yet none ultimately chose to list on the exchange. “Maybe the momentum wasn’t there back then, but I think now is the moment,” Ostojic said, announcing that a new program to bring companies to market is being prepared.
When will the first ETF funds arrive?
Securities Commission of Serbia chairman Marko Jankovic said the domestic regulatory framework is fully aligned with European directives. “Our regulatory framework is fully aligned with European directives,” Jankovic said, adding that the European Commission is currently reviewing the proposed rules and that the legislation will be adopted as soon as that approval arrives.
Jankovic also pointed out that going public in Serbia is currently the cheapest option anywhere in the region. Over the next five years, he expects developed wealth management services and the first ETF funds on the domestic market, along with easier entry and exit for investors on the exchange.
Banking sector as a pillar of stability
ALTA Bank Executive Board chairwoman Una Sikimic described Serbia’s banking sector as highly resilient and one of the key pillars of economic stability. Companies, she said, still rely mostly on traditional financing sources, above all bank loans, since they are more accessible and faster to secure than capital market alternatives.
Sikimic added that going public requires a high level of transparency around a company’s business model, including regular financial reporting and audit reports, in line with standards already in place on exchanges in developed markets.
Investment funds are growing too
Vista Rica a.d. Belgrade general manager Stanislava Petkovic said financial literacy among Serbian citizens is rising, along with the need to invest capital outside traditional savings vehicles such as bank deposits and real estate. She pointed to growth in investment funds, particularly alternative funds, while money market funds have already been present on the market for some time.
Faculty of Economics, University of Belgrade professor Velimir Lukic said the positive shifts on the capital market are a direct result of Serbia’s investment grade rating. “Getting the investment grade rating gave us a tailwind,” Lukic said, arguing that the path toward equity instruments such as shares runs through debt instruments like bonds first.
Special guest from Cambridge
The Capital in Motion conference, held on September 9 in Sava Center, also featured special guest Greg B. Davis, a PhD from the University of Cambridge and author of “Behavioral Investment Management,” whose work bridges psychology, risk and investment decision making.
The conference program was split into four themes: preserving capital value across generations, the role of the exchange and investment funds, attracting new issuers and the possibility of Serbia becoming a regional investment hub, and geopolitics along with the impact of artificial intelligence on the industries of the future.
If the announcements from the conference hold, the Belgrade Stock Exchange would see its first corporate bonds by the end of 2026 and its first IPO in 2027, with a state owned company potentially among the firms going public.
