SGTM IPO Oversubscribed Ahead of Listing on Casablanca Stock Exchange

AFRICAN STOCKS AND FINANCEDecember 13, 2025 at 9:54 PM UTC

TLDR

SGTM’s initial public offering closed on December 8 after drawing record demand from investors
Nearly 173,000 investors subscribed to the offering, the highest number ever recorded on the market
Total demand reached about 171 billion dirhams, around 34 times the amount on offer, according to transaction data

SGTM’s initial public offering closed on December 8 after drawing record demand from investors, marking one of the most significant transactions in the history of the Casablanca Stock Exchange.

Nearly 173,000 investors subscribed to the offering, the highest number ever recorded on the market. Total demand reached about 171 billion dirhams, around 34 times the amount on offer, according to transaction data.

The construction and infrastructure group sold 12 million shares, equal to 20% of its share capital, at a price of 420 dirhams per share, excluding preferential allocations granted to some investor categories. The company is scheduled to begin trading on December 16, 2025.

The deal ranks as the second-largest IPO ever completed in Casablanca, behind only Maroc Telecom’s listing in 2004. It also exceeds the scale of other offerings completed this year, including Vicenne and Cash Plus, which had already helped revive activity on the primary market.

The scale of participation highlights strong appetite for large domestic issuers and underscores renewed investor engagement with Morocco’s equity market.

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Key Takeaways

SGTM’s IPO reflects a broader reopening of Morocco’s equity capital markets after several quiet years. The depth of demand suggests rising confidence among retail and institutional investors, supported by stable macroeconomic conditions and renewed issuance momentum. Construction and infrastructure companies have traditionally attracted less market attention than telecoms or financial services. SGTM’s reception signals a shift, with investors seeking exposure to sectors linked to public works, transport, and long-term development spending. The transaction also shows the Casablanca Stock Exchange’s capacity to mobilize domestic savings at scale. Recent offerings point to a widening investor base and stronger participation from individuals, a trend regulators and market operators have been seeking to encourage. With multiple large listings completed or underway, the exchange is positioning itself as a more active source of growth financing. Sustaining this momentum will depend on a steady pipeline of issuers, transparent pricing, and consistent post-listing performance from newly listed companies.

Finance

IPO

SGTM

Morocco

Casablanca Stock Exchange