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Vicenne group's IPO oversubscribed 64 times!

16:30

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The Moroccan Vicenne Group’s Initial Public Offering (IPO) has been met with exceptional demand, with the subscription overbooked by 64 times. The company successfully raised 500 million dirhams through a capital increase, with an overwhelming 32 billion dirhams requested, equivalent to 136 million shares, far surpassing the 2 million shares allocated. The subscription price was set at 236 dirhams, and the company’s shares officially began trading on the Casablanca Stock Exchange on July 15, 2025.

A remarkable 37,674 subscribers participated in this IPO, including 36,777 individual investors. The strong public interest reflects a growing appetite for new listings, signaling a shift in investor behavior in Morocco. Given the limited number of shares on offer, the subscription was heavily oversubscribed, resulting in a very low satisfaction rate of only 1.56%.

A Sign of Stock Market Growth

Youness Benjelloun, CEO of CFG Bank, emphasized that this success was no mere coincidence. Beyond the technical aspects of the operation, he sees this IPO as part of a broader transformation within Morocco’s entrepreneurial ecosystem. This transformation is characterized by a new drive toward financial market participation and access to capital. “Over the last five years, we have seen a real change in mindset. More and more companies are recognizing the stock market as a growth lever. Just in the first week of January 2025, I received ten calls from CEOs wanting to initiate an IPO,” Benjelloun explained.

Vicenne's Ambitious Plans Post-IPO

With the IPO now complete, Vicenne plans to leverage the 500 million dirhams raised for future projects, aiming to invest nearly 700 million dirhams in external growth. The company is already in advanced discussions for two to three acquisitions that will help fuel its expansion in the short to medium term.

A New Phase in Moroccan Business Maturity

The IPO of Vicenne marks the beginning of a more mature phase for Moroccan companies. Benjelloun described a positive cycle in which companies first experience strong organic growth, then seek venture capital, and eventually move to the public markets. Vicenne, in particular, waited seven years (from 2018 to 2025) to transition from private investors to a stock market listing.

“This IPO is a textbook case,” said Benjelloun, noting that it represents a significant milestone in Morocco’s financial markets. He believes that this listing will pave the way for more frequent IPOs in the future. “The goal is not just to list companies for the sake of listing. These are companies that want to grow, create jobs, and generate added value for the country,” he emphasized.

A Stock Market in Search of Sectoral Representation

However, this dynamic comes with a structural challenge: expanding the sectoral representation of the Casablanca Stock Exchange. While sectors such as healthcare have recently entered the market, key industries such as automotive, textiles, and various branches of manufacturing remain absent. Benjelloun called for a collective effort to attract these industries to the stock exchange, as this is crucial for ensuring that the stock market fully reflects the diversity of the Moroccan economy.

The success of Vicenne’s IPO also highlights the growing interest among Moroccan savers in long-term financial products. In a context of economic recovery and a diversification of investor profiles, the stock market is regaining its role as a central tool for financing ambitious Moroccan companies, while simultaneously providing new investment opportunities for the public.