Marrakech – The initial public offering of construction giant SGTM has shattered all records on the Casablanca Stock Exchange, attracting nearly 173,000 subscribers in an unprecedented show of investor interest.
The MAD 5 billion ($500 million) operation was oversubscribed by 3,400%, generating a total demand exceeding MAD 171 billion ($17.1 billion). The subscription period closed on December 8, with preliminary figures confirming the historic participation levels.
This marks the highest number of subscribers ever recorded for an IPO in Morocco. The previous record was held by Maroc Telecom in 2004, which attracted 133,000 investors during its public offering.
SGTM’s IPO has become the second-largest operation in the history of the Moroccan stock market. Only Maroc Telecom’s 2004 listing surpassed it in terms of total value.
The construction company’s offering significantly outpaced other 2025 IPOs, including Vicenne at MAD 500 million ($50 million) and Cash Plus at MAD 750 million ($75 million).
The transaction involves the sale of 12 million shares by the Kabbaj family, representing 20% of the company’s capital. Each share was priced at MAD 420 ($42), excluding discounts applied to certain investor categories.
The offering will establish SGTM’s free float at 20% of total capital once trading begins. The company’s official listing is scheduled for December 16.
Market sources describe the exceptional response as a demonstration of investor confidence in the construction sector.
The BTP major operates in a market supported by strong structural demand both in Morocco and across the region, as the North African country launches large-scale infrastructure programs tied to AFCON 2025, the 2030 World Cup, and broader development initiatives.
This IPO represents the third public offering of 2025 on the Casablanca bourse. The overwhelming subscriber response indicates growing household willingness to invest in equities when company fundamentals appear solid.
For SGTM, this listing opens new financial horizons while allowing historical investors to monetize their holdings and institutionalize the company’s shareholder base.
Official results from the Casablanca Stock Exchange remain pending, though preliminary market data confirms the record-breaking participation levels.
Read also: Inside SGTM’s MAD 25 Billion IPO, Morocco’s Largest Since 2004
