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Marrakech – Cash Plus achieved a successful market debut with 81,466 subscribers participating in its MAD 750 million ($75 million) initial public offering. The operation was oversubscribed 65 times, marking exceptional investor interest in Morocco’s first fintech listing.
The IPO comprised MAD 400 million ($40 million) in capital increase and MAD 350 million ($35 million) in share divestment. The company offered 3.8 million shares priced at MAD 200 ($20) each. Trading will commence on December 8, with the float representing 15.5% of total capital.
Cash Plus becomes the second IPO of 2025 following Vicenne’s earlier listing. The fintech operator manages 4,909 agencies across 119 localities, serving unbanked populations throughout Morocco. The company operates nearly 4 million payment accounts through its mobile wallet system and maintains 1.3 million users on its digital platform.
The subscription period concluded on November 25. Three tranches targeted different investor profiles, including a MAD 425 million ($42.5 million) institutional offering with minimum subscriptions of MAD 3 million ($300,000).
A retail tranche worth MAD 285 million ($28.5 million) required no minimum investment. Employee allocations totaled MAD 40 million ($4 million) at a discounted price of MAD 160 ($16) per share.
Founded in 2004, Cash Plus operates two primary business segments. Financial services contribute 68% of revenues through money transfers, payment accounts, debit cards, and currency exchange. Proximity services generate one-third of income via bill payments, phone recharges, medical reimbursement processing, and logistics solutions.
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The company plans aggressive expansion targeting 7,800 agencies by 2030. Management projects revenue growth of 14.2% annually through 2030, reaching MAD 3.5 billion ($350 million). Digital transformation centers on deploying a comprehensive fintech platform while expanding mobile wallet adoption.
Morocco’s stock market has gained momentum with the MASI index rising 74% since early 2023. Recent IPOs attracted unprecedented retail participation, with TGCC’s July capital increase drawing over 80,000 subscribers. Total market fundraising reached MAD 3.4 billion ($340 million) in 2025, surpassing 2024’s MAD 3.1 billion ($310 million).
Private equity firm Mediterrania Capital Partners structured several recent listings, including Cash Plus, Akdital, TGCC, and CMGP. Other major companies, including Dislog, Diana Holding, and Ynna Holding are reportedly considering public offerings.
Cash Plus reported improving financial metrics with operating income projected to grow from MAD 417 million ($41.7 million) to MAD 697 million ($69.7 million) between 2025 and 2030. The company maintains a dividend policy distributing 85% of net profits, offering projected yields above 5% annually.
The successful offering reflects growing appetite for Moroccan equity investments. Casablanca Stock Exchange currently lists 77 companies, with authorities targeting 300 listed entities by 2035 under the New Development Model framework.
