Marsa Maroc dH194 billion CSE IPO

Overview:

• The Moroccan government has raised dH1.94 billion by selling 40% of state owned port operator Marsa Maroc by IPO.
• This is the first ever privatization by IPO in Morocco. 
• Marsa Maroc, valued at almost dH5 billion, sold 29.36 million shares at dH65 each, this included  dH600 million of shares sold to individual investors.
• The funds raised by the offering will be used to expand the Tanger Med Facility in Tangiers, as the country looks to compete with other major ports in Africa and further boost ambitions to become a hub for Western Africa. 
• The IPO is also a marked decision by the government to utilise the Casablanca Stock Exchange, leading by example in an attempt to increase market confidence and stimulate future listings.
• Attijari Finances (a subsidiary of Attijariwafa Bank) acted as financial adviser.
• Attijariwafa Bank acted as underwriter. 

John Crabb - Journalist - EMEA