Stocks Market
SGTM’s Record‑Breaking IPO Launches on Casablanca Stock Exchange
On December 16 2025, the Casablanca Stock Exchange celebrated its 80th listed security as Société Générale des Travaux du Maroc (SGTM) debuted with a historic initial public offering. The IPO attracted more than 171,000 investors, generated an oversubscription of 34.1 times, and raised MAD 5.04 billion – the largest private‑company listing ever on the market. The offering, representing 20 % of SGTM’s post‑IPO capital, is expected to fund a new growth phase, strengthen the group’s national leadership, accelerate its expansion across Africa, and diversify into higher‑value activities.
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Historic Debut on Morocco’s Main Market
On 16 December 2025, the Casablanca Stock Exchange welcomed its 80th listed security when Société Générale des Travaux du Maroc (SGTM) launched an IPO that will be remembered as a milestone for the Moroccan capital market.
Outstanding Investor Demand
The offering was massively oversubscribed, receiving bids 34.1 times the amount on offer. More than 171,000 investors submitted orders, generating a total demand of over MAD 171 billion. The IPO ultimately raised MAD 5.04 billion, making it the largest private‑company listing ever on the Casablanca exchange.
Key Deal Structure
- Number of shares offered: 12 million
- Post‑IPO ownership: 20 % of SGTM’s capital
- Ticker: GTM (Main Compartment A, Building & Construction Materials sector)
About SGTM
Founded in 1971, SGTM has become a cornerstone of Morocco’s and Africa’s infrastructure development. Over its 50‑plus‑year history, the group has delivered more than 1,000 major projects in transport, energy, health and industry.
The proceeds from the IPO will support a new growth chapter, aimed at consolidating the company’s national leadership, accelerating its African expansion and diversifying into higher‑value‑added activities.
What This Means for the Market
SGTM’s successful launch signals a revival of equity offerings in Morocco, following the IPOs of Vicenne and Cash Plus earlier in 2025. The strong subscription levels illustrate renewed confidence from investors in the country’s stock market.