Stocks Market
SGTM IPO Sets Record on Casablanca Stock Exchange – 34‑Times Oversubscribed
The SGTM initial public offering, closed on December 8, attracted almost 173,000 investors and generated demand of MAD 171 billion – 34 times the amount the company sought. This makes it the second‑largest IPO ever on the Casablanca Stock Exchange, trailing only Maroc Telecom’s 2004 debut, and far eclipses other 2024 listings such as Vicenne and Cash Plus.
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Record‑breaking IPO for SGTM
The initial public offering of SGTM, which closed on 8 December, captured both the market and the public’s attention, far exceeding the expectations set at the launch of the deal.
With almost 173,000 investors subscribing, the group set an all‑time high for the Casablanca Stock Exchange. Total demand reached MAD 171 billion, equivalent to 34 times the amount the company was seeking – a level of confidence rarely seen for a construction‑sector firm.
This IPO now ranks as the second‑largest ever on the Moroccan bourse, behind only Maroc Telecom’s 2004 offering. It dwarfs other 2024 listings such as Vicenne and Cash Plus, which had helped revive the primary market.
The offer consisted of 12 million shares, representing 20 % of SGTM’s capital, priced at MAD 420 per share (excluding preferential allocations for certain investor categories). The official listing is scheduled for 16 December 2025.
Key figures
- Subscribers: ~173,000
- Oversubscription: 34 ×
- Total demand: MAD 171 bn
- Shares offered: 12 million (20 % of capital)
- Price per share: MAD 420
- Listing date: 16 Dec 2025
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