Stocks Market
Cash Plus IPO: 750 M Dirhams Raised, 4.5 B Valuation – Key Figures Unveiled
Cash Plus has announced an initial public offering that will raise 750 million dirhams, including a 400 million dirham capital increase at a subscription price of 200 dirhams per share. The deal values the group’s equity at 4.5 billion dirhams and sets the stage for expanding its distribution network and boosting profitability. The main goal is financing growth, with a projected 2025 net banking product of 878 million dirhams and a net result per group member of 237 million dirhams. Key dates include a subscription window from 19 to 25 November and a first listing on 8 December.
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Cash Plus IPO Details
The Moroccan retailer will raise a total of 750 million dirhams through its initial public offering, of which 400 million dirhams come from a capital increase at a subscription price of 200 dirhams per share.
With the new capital, the company will value its equity at about 4.5 billion dirhams, positioning it to expand its 4,900‑point distribution network, 87 % of which are franchised and 77 % located in urban zones.
Financial Outlook
Cash Plus projects a 2025 net banking product (PNB) of 878 million dirhams, up 15.7 % from 2024. Group‑wide net result (€RNPG) is expected to reach 237 million dirhams, a 21 % increase.
The post‑IPO float is expected to be 15.5 %. Valuation multiples point to a 2025 price‑to‑earnings of 19× and a 2026 multiple of 16.5×, with a dividend yield estimated at 4.5 %.
Key Dates
Subscription period: 19‑25 November. First listing: 8 December. The placement syndicate comprises the usual market operators.
Investor Highlights
- Main goal: finance growth
- Robust franchise‑based distribution network
- Strong earnings growth trajectory
- Competitive dividend yield