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T2S Group IPO: Mixed Cash‑In/Cash‑Out Deal Valued at 1.1 bn DH Shows Strong Market Maturity

CFG Finance, the financial adviser and global coordinator of T2S Group’s IPO, unveiled a hybrid offering that blends a cash‑in capital increase of roughly MAD 350 million with a cash‑out sale of existing shares worth about MAD 750 million. The deal targets a total raise of MAD 1.1 billion, valuing the MedTech company at more than MAD 4.5 billion (223 DH per share) and delivering a free‑float of around 22.6 %. The IPO price represents a significant discount – 25 % to 30 % – when compared with DCF and comparable‑company valuations, yet the projected dividend yield of 4.3 % for 2027 is considered attractive. The structure is split between institutional and retail tranches, with a clear timeline that ends with the first trade on 27 July 2026.

July 6th, 2026
2 min read
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Expert Summary

CFG Finance, the financial adviser and global coordinator of T2S Group’s IPO, unveiled a hybrid offering that blends a cash‑in capital increase of roughly MAD 350 million with a cash‑out sale of existing shares worth about MAD 750 million. The deal targets a total raise of MAD 1.1 billion, valuing the MedTech company at more than MAD 4.5 billion (223 DH per share) and delivering a free‑float of around 22.6 %.

The IPO price represents a significant discount – 25 % to 30 % – when compared with DCF and comparable‑company valuations, yet the projected dividend yield of 4.3 % for 2027 is considered attractive. The structure is split between institutional and retail tranches, with a clear timeline that ends with the first trade on 27 July 2026.

CFG Finance, the financial adviser and global coordinator of T2S Group’s IPO, unveiled a hybrid offering that blends a cash‑in capital increase of roughly MAD 350 million with a cash‑out sale of existing shares worth about MAD 750 million. The deal targets a total raise of MAD 1.1 billion, valuing the MedTech company at more than MAD 4.5 billion (223 DH per share) and delivering a free‑float of around 22.6 %. The IPO price represents a significant discount – 25 % to 30 % – when compared with DCF and comparable‑company valuations, yet the projected dividend yield of 4.3 % for 2027 is considered attractive. The structure is split between institutional and retail tranches, with a clear timeline that ends with the first trade on 27 July 2026.

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