Stocks Market
Retail Investors Grab 61% of T2S Group IPO Allocation – Record Subscription Highlights Demand
The debut of T2S Group on the Casablanca Stock Exchange was dominated by individual investors, who received more than three million shares – 61.24 % of the total allocation. Over 110,000 retail participants placed a demand for 88.23 million shares, underscoring a remarkable appetite for the offering and positioning the IPO as one of the most subscribed listings of the year.
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Retail Investors Lead the Allocation
Out of the 111,149 subscribers recorded for the T2S Group IPO, 110,015 were individual (natural) persons, representing nearly 99 % of all participants. These investors were allocated 3,020,649 shares, which equals 61.24 % of the total shares offered.
Demand vs. Allocation
Retail demand amounted to 88.23 million shares – 40.88 % of the total demand – with a total subscription value close to MAD 19.68 billion. The average satisfaction rate for individuals stood at 3.42 %, notably higher than the 1.49 % recorded for institutional investors.
Breakdown by Investor Type
- Institutions: 48 % of the original demand, received 1,545,762 shares.
- Corporate bodies (legal persons): 11 % of demand, received 366,323 shares.
Geographic Profile
Moroccan residents accounted for the bulk of the retail base – 105,371 subscribers – requesting roughly 84.7 million shares and receiving about 2.9 million shares (≈ 59 % of the IPO supply).
Age Distribution
- 35‑60 years: 36 % of individual investors, 38 % of demanded shares, 37 % of allocated shares.
- Minors (under 18): 27 % of individual investors, 19 % of allocated shares.
- 25‑34 years: 20 % of investors, 16 % of allocated shares.
- 18‑24 years: 8 % of investors, 6 % of allocated shares.
- Seniors (60+): 9 % of investors, but they captured 40 % of the demanded shares and 22 % of the allocated shares.
Investment Size by Age Group
Median subscription values were MAD 11,150 for minors, MAD 10,035 for seniors, MAD 8,920 for the 35‑60 bracket, and MAD 6,690 for both the 18‑24 and 25‑34 groups.
Professional Profile
- Private‑sector employees: 43,103 investors (39.18 % of retail), requesting 47.82 million shares and receiving 1,378,908 shares (45.65 % of the retail allocation).
- Students: 24,518 investors, 526,640 shares allocated.
- Public‑sector employees: 11,465 investors.
- Unemployed: 9,453 investors.
- Retirees: 8,221 investors.
Regional Coverage
All 12 Moroccan regions participated. The Casablanca‑Settat region led with 54,833 investors (≈ 50 % of participants) and secured 74.55 % of the shares. Rabat‑Salé‑Kénitra followed with 18,052 investors (11.25 % of allocation), then Fès‑Meknès (10,968 investors, 4.09 % of shares). Other regions contributed smaller numbers, including the South (Laâyoune‑Sakia El Hamra, Guelmim‑Oued Noun, Dakhla‑Oued Eddahab).