Morocco’s SGTM Secures Approval for $540M IPO in Casablanca

BREAKING NEWSNovember 20, 2025 at 11:01 PM UTC

TLDR

SGTM has received approval from Morocco’s Capital Market Authority (AMMC) to launch its initial public offering
The authorization, granted this month, covers the full IPO prospectus, including the offering memorandum and reference document for the 2024 financial year
The IPO will involve up to 20% of SGTM’s share capital, representing as many as twelve million shares and potentially raising 5.04 billion dirhams (about $540 million)

SGTM has received approval from Morocco’s Capital Market Authority (AMMC) to launch its initial public offering, clearing the way for the construction group to list on the Casablanca Stock Exchange in December.

The authorization, granted this month, covers the full IPO prospectus, including the offering memorandum and reference document for the 2024 financial year and the first half of 2025, African Markets reported.

The IPO will involve up to 20% of SGTM’s share capital, representing as many as twelve million shares and potentially raising 5.04 billion dirhams (about $540 million).

Subscriptions will run from December 1 to 8 at 3:30 p.m. (GMT+1). Pricing is set at 380 dirhams for Order Type II and 420 dirhams for qualified investors under Order Types III and IV, while eligible employees and retirees will receive a preferential rate.

SGTM says the listing aligns with its long-term strategy to strengthen its financial structure, widen its shareholder base, and enhance transparency.

The group, founded in 1972, has delivered more than 1,000 infrastructure projects across transport, energy, water, healthcare and education, and employs over 21,000 people. It enters the market during an active period for the Casablanca exchange, which is seeing renewed IPO momentum after several quieter years.

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Key Takeaways

SGTM’s planned flotation marks one of the Casablanca market’s largest listings in recent years and adds to a renewed pipeline of sizeable offerings. With Cash Plus already approved for a December listing and firms like Vicenne and GPC Carton helping revive primary-market activity, SGTM arrives at a moment when investors are seeking new large-cap issuers and greater sector diversification. For SGTM, the IPO is both a strategic and organizational milestone. Listing 20% of the company gives it access to deeper pools of capital, supports governance improvements and strengthens its credibility in regional markets where infrastructure demand is rising. The preferential pricing for employees also reflects a push to align staff incentives with long-term performance. The company’s large project pipeline, established market position and multi-country footprint give it a strong base as it transitions into a publicly traded entity. How the offer is received will signal broader investor appetite for Morocco’s infrastructure and construction sector at a time of revived market confidence.

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