Cash Plus IPO Sets Record with 80,759 Investors, 64x Oversubscription

Marrakech – Cash Plus made history Monday as Morocco’s first fintech to list on the Casablanca Stock Exchange, achieving unprecedented investor demand that exceeded expectations by extraordinary margins.

The introduction generated MAD 48.82 billion ($4.88 billion) in subscription requests for just MAD 750 million ($75 million) in available shares, representing a 64-fold oversubscription from 80,759 investors across 75 nationalities and 12 regions.

The company offered 3.8 million shares at MAD 200 ($20) each, comprising 2 million new shares through capital increase and 1.8 million existing shares through disposal. Employee and management pricing was set at MAD 160 ($16) per share. Total demand reached 244.16 million shares, creating an average satisfaction rate of just 1.56%.

Individual investors represented the largest participant group with 79,573 subscribers, receiving 2.6 million shares from their requests totaling 113.79 million shares and achieving a 2.29% satisfaction rate.

Institutional investors submitted requests for over 100 million shares but received fewer than 1 million shares, resulting in a 0.91% satisfaction rate. Corporate entities obtained 284,000 shares from over 30 million requested, achieving a 0.94% satisfaction rate.

The subscription structure revealed three distinct order types with varying satisfaction levels. Type I orders concentrated most demand with MAD 46.7 billion ($4.67 billion) subscribed for 233.83 million shares requested, receiving 2.1 million shares for a 0.91% satisfaction rate among 1,679 subscribers from 23 nationalities.

Type II orders generated MAD 2 billion ($200 million) in subscriptions for 9.9 million shares requested, with 1.425 million shares allocated and 14.25% satisfaction rate across 78,916 subscribers from 73 nationalities.

Type III orders, reserved for employees and retirees, showed MAD 52.8 million ($5.28 million) subscribed for 330,586 shares requested, achieving the highest satisfaction rate of 75.62% among 164 subscribers from two nationalities.

Dominance of Moroccan subscribers

Moroccan residents comprised 98.75% of subscribers, representing 91.67% of share requests and receiving 94.79% of allocations. Moroccan resident individuals alone accounted for 76,607 subscribers or 94.86% of total participants, requesting 107.91 million shares and receiving 2.26 million shares with 2.1% satisfaction.

Foreign participation included investors from the United Kingdom, the United States, France, Germany, and Senegal, though their volumes remained modest with satisfaction rates generally near 0.9%.

Casablanca-Settat region dominated with 47,535 subscribers representing 58.86% of total participants. The region generated 218.72 million share requests and received 2.99 million shares, accounting for 78.92% of total allocations with 1.37% satisfaction.

Rabat-Sale-Kénitra ranked second with 11,215 subscribers representing 13.89% of participants, requesting 16.29 million shares and receiving 346,349 shares for 2.13% satisfaction.

Other regions achieved notably higher satisfaction rates despite lower volumes. Fez-Meknes, Tanger-Tetouan-Al Hoceima, and Oriental regions recorded satisfaction rates of 3.99%, 5.62%, and 5.89% respectively. Souss-Massa, Marrakech-Safi, and Beni Mellal-Khenifra regions registered satisfaction rates between 4.47% and 6.39%.

Southern regions, including Draa-Tafilalet, Guelmim-Oued Noun, and Dakhla-Oued Eddahab, achieved exceptional satisfaction rates reaching 36.24%, explained by their very limited request volumes.

Market officials confirmed that 50% of individual subscribers were first-time stock market investors, representing approximately 40,000 new market participants. This demographic shift represents significant market expansion beyond traditional institutional participants.

Additionally, 17% of total subscribers came from foreign countries, demonstrating international interest in Moroccan fintech opportunities.

A strong market debut

Mohamed Saad, interim director-general of the Casablanca Stock Exchange, stressed the operation’s importance for financial inclusion and market accessibility.

For his part, Brahim Benjelloun Touimi, chairman of the exchange’s board, said the operation reflects growing market maturity and a clear appetite for innovative growth models with social impact.

Nasser Seddiqi, director of the Business Division at Morocco’s Capital Market Authority (AMMC), attended the listing ceremony alongside numerous corporate executives.

Cash Plus operates 5,000 service points nationwide, serving approximately 2 million customers across all 12 Moroccan regions. The company began 20 years ago as a payment establishment focused on diaspora money transfers before expanding into comprehensive financial services targeting unbanked and underbanked populations.

The network transforms neighborhood shops into effective banking relay points, providing account opening with bank identification numbers, salary reception, social aid transfers, and mobile payment solutions.

The MAD 400 million ($40 million) capital increase will fund three strategic priorities. These include expanding territorial coverage through additional merchant partnerships, accelerating digital transformation through development of a comprehensive mobile application, and pursuing external growth opportunities through targeted acquisitions.

CEO Nabil Amar stated the IPO aims to accelerate digitalization strategy and equip more merchants with digital payment solutions while developing a complete financial application designed to simplify daily life for Moroccans.

A milestone for Moroccan fintech

Cash Plus joins the exchange with a market capitalization of MAD 4.91 billion ($491 million) across 24.55 million total shares, positioning the company 34th among 79 listed companies on the Casablanca exchange.

Trading began under ticker symbol CAP on the main market with continuous quotation in Group 1, classified within the financing companies and other financial activities sector. The share opened with upward reservation during first trading, confirming continued investor enthusiasm beyond the subscription phase.

Various investor categories showed distinct participation patterns. OPCVM bond funds requested 28.83 million shares receiving 262,035 shares, while OPCVM diversified funds requested 22.29 million shares receiving 202,636 shares, and OPCVM equity funds requested 21.13 million shares receiving 192,046 shares, all achieving 0.91% satisfaction rates.

Foreign institutional investors received 156,065 shares from 17.17 million requested, matching the standard institutional satisfaction rate.

Employee and retiree categories achieved exceptional treatment with 75.62% satisfaction rate from 164 subscribers requesting 330,586 shares and receiving 249,625 shares. Non-resident Moroccan individuals requested 4.20 million shares receiving 73,220 shares for 1.74% satisfaction.

Insurance companies, banks, retirement organizations, associations, and foreign corporate entities presented modest volumes with satisfaction rates generally around 0.9%.

The listing represents the second IPO of 2025, following Vicenne in July which generated MAD 32.1 billion ($3.21 billion) in subscriptions from 37,674 subscribers with identical 1.56% satisfaction rate.

Since 2022, the Casablanca Stock Exchange has mobilized over MAD 147.2 billion ($14.72 billion) through multiple introductions, including CFG Bank in December 2023 with MAD 20.84 billion ($2.08 billion) subscribed and 34.73-fold oversubscription, Akdital Group in December 2022 raising MAD 1.2 billion ($120 million) with 3.77-fold oversubscription, and TGCC in December 2021 with 22-fold oversubscription.

The operation validates the exchange’s capacity to channel savings toward structural projects and support growth of innovative companies.

The record-breaking subscription demonstrates Morocco’s financial market maturity, growing investor confidence in technology-driven financial services companies, and the emergence of fintech as a structurally important market sector capable of attracting both domestic and international capital.