CMFD
Capital Markets for Business
Learn how businesses can raise capital through IPOs, rights issues, private placements, TFCs and corporate Sukuk while preparing for valuation, credit ratings and listed-company governance.
Beginner
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About this course
Capital Markets for Business is an intermediate micro-course designed for SME owners, startup founders, family business leaders and CFOs who want to understand how capital markets can support business growth and financing.
The course begins with the fundamental choice between debt and equity financing, helping business owners evaluate ownership dilution, repayment obligations and financial risk. It then covers capital-market readiness, the PSX IPO process, book building, advisers, rights issues, private placements and warrants.
Learners also explore how businesses can raise debt directly from capital-market investors through Term Finance Certificates (TFCs) and corporate Sukuk, including the role of credit ratings and the preparation required for a rating assessment.
The course addresses the governance and disclosure responsibilities that come with becoming a listed company and introduces two practical approaches to business valuation: Discounted Cash Flow (DCF) and EV/EBITDA.
The course concludes with a practical capital-raising capstone, where learners develop a financing plan for their own business or a hypothetical SME, select an appropriate funding instrument, estimate valuation, identify required advisers and establish an indicative timeline.
What you'll learn
- Compare debt and equity financing and evaluate their respective ownership, repayment and financial-risk implications.
- Assess whether a business is sufficiently prepared to access the capital markets.
- Explain the major stages of a PSX IPO, including advisers, prospectus preparation and book building.
- Understand the purpose and mechanics of rights issues and calculate a theoretical ex-rights price (TERP).
- Distinguish between private placements and public offerings and identify appropriate use cases for each.
- Explain how warrants can provide equity-linked upside alongside a debt instrument.
- Understand how businesses can raise debt through TFCs and corporate Sukuk.
- Explain the role of credit ratings and prepare for the rating process.
- Identify key corporate governance, board, committee and disclosure obligations applicable to listed companies.
- Understand the fundamentals of DCF and EV/EBITDA valuation.
- Evaluate potential capital-raising instruments based on a company's funding needs, readiness and strategic objectives.
- Develop a structured capital-raising plan covering the purpose of funding, selected instrument, valuation, advisers and indicative timeline.
Requirements
- Basic understanding of business finance and accounting is recommended.
- Familiarity with fundamental capital-market concepts is helpful but not essential.
- Suitable for SME owners, startup founders, family business owners, entrepreneurs and CFOs of unlisted companies.
- Learners should be comfortable with basic financial concepts such as debt, equity, revenue, profit, cash flow and financial ratios.
- Basic numerical skills are recommended for the TERP and valuation exercises.
- No prior experience with IPOs, TFCs, Sukuk or capital-market fundraising is required.
- Learners should ideally have access to basic information about their own business if they intend to use the capital-raising capstone for a real financing plan.
Curriculum
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Curriculum coming soon.
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- Beginner level