Morocco’s GPC Carton Prepares IPO on Casablanca Stock Exchange
TLDR
- GPC Carton, a Moroccan packaging company owned by Ynna Holding, is preparing for an initial public offering on the Casablanca Stock Exchange
- The plan, now at an advanced stage, is pending approval from the Moroccan Capital Markets Authority (AMMC)
- The IPO’s size, pricing, and subscription timetable will depend on the final prospectus, with ESG compliance expected to weigh heavily on investor demand
GPC Carton, a Moroccan packaging company owned by Ynna Holding, is preparing for an initial public offering on the Casablanca Stock Exchange. The plan, now at an advanced stage, is pending approval from the Moroccan Capital Markets Authority (AMMC).
The company has already raised 250 million dirhams (€23.5 million) through a green securitization backed by trade receivables, approved by the AMMC in July. Parent group Ynna Holding has also committed more than 800 million dirhams (€75 million) to expand capacity, including a new paper and cardboard recycling plant in Kénitra and a packaging unit planned for Meknès.
Morocco’s packaging industry generated nearly 7 billion dirhams (€660 million) in revenue in 2023, with production doubling in the past 15 years. The IPO’s size, pricing, and subscription timetable will depend on the final prospectus, with ESG compliance expected to weigh heavily on investor demand.
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Points clés à retenir
Morocco’s packaging industry is expanding rapidly, driven by demand from agri-food companies and rising exports. In 2024, the country became the leading exporter of corrugated papers and cartons in the MENA region, underscoring its regional competitiveness. GPC Carton’s planned IPO follows a revival of Casablanca’s primary market, which saw Vicenne raise nearly 500 million dirhams earlier this year. Investors, however, remain selective, focusing on companies with strong fundamentals and transparent governance. By combining industrial investment with ESG-linked financing — including its green securitization — GPC is positioning itself at the intersection of industrial growth and sustainability. The company’s new recycling plant in Kénitra is designed to reduce import dependency, aligning with Morocco’s push for industrial sovereignty. If successful, the IPO would mark both the return of IPO momentum in Casablanca and the emergence of packaging as a strategic sector for Morocco’s environmental and industrial transition.
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