T2S Group Launches $110M Casablanca IPO

AFRICAN STOCKS AND FINANCEJuly 16, 2026 at 2:03 PM UTC

TLDR

T2S Group Holding approved for IPO on Casablanca Stock Exchange with offer worth up to 1.1 billion dirhams
Company supplies medical equipment, diagnostic systems, radiopharmaceutical products, and hospital software across 20+ African countries
IPO proceeds to fund second cyclotron facility, diagnostic equipment rollout, IT system upgrades, and cybersecurity investments

T2S Group Holding received approval from Morocco’s capital markets regulator to launch its initial public offering on the Casablanca Stock Exchange, opening the country’s 2026 IPO market with a deal worth up to 1.1 billion dirhams, or about $110 million.

The offer combines a capital increase of nearly 350 million dirhams with the sale of about 750 million dirhams of existing shares. Investors can subscribe from July 13 to July 17, with trading expected to begin on July 27 under the ticker T2S. The company is offering 4.93 million shares at 223 dirhams each, valuing the business at about 4.86 billion dirhams.

Founded in 1992, T2S supplies medical equipment, diagnostic systems, radiopharmaceutical products and hospital software. The group operates through 4 subsidiaries, employs more than 400 people and works with more than 40 international medical technology companies, including GE Healthcare. It has operations in more than 20 African countries.

The company reported revenue of 1.76 billion dirhams and net profit of 211 million dirhams in 2025. It expects revenue to grow to 4.17 billion dirhams by 2030, while net profit is projected to reach 607 million dirhams. Expansion plans include new oncology projects in Côte d’Ivoire, Mali and Senegal, alongside continued growth in diagnostics and after-sales services.

IPO proceeds will fund a second cyclotron facility in Fez, the rollout of diagnostic equipment, upgrades to information technology systems and cybersecurity investments. After the offering, the free float will represent about 22.6% of the company, while existing controlling shareholders will remain subject to lock-up agreements.

Points clés à retenir

T2S’s IPO continues the recovery of Morocco’s equity market after a strong return of public listings in 2025. The company operates in healthcare technology, a sector benefiting from rising demand for medical equipment, diagnostics and cancer treatment across Africa as governments and private providers expand healthcare capacity. Unlike many healthcare distributors, T2S combines equipment sales with maintenance, digital hospital systems and radiopharmaceutical production, giving it several sources of recurring revenue. The IPO also reflects growing investor interest in companies with regional expansion strategies rather than businesses focused only on Morocco. The planned projects in Côte d’Ivoire, Mali and Senegal show that healthcare infrastructure remains a major investment opportunity across West Africa. For investors, the main question will be whether T2S can deliver its growth targets while maintaining margins as it expands into new markets and increases capital spending. The offering also reinforces Casablanca’s position as one of Africa’s most active stock exchanges for new listings. After SGTM, Vicenne and Cash Plus attracted strong investor demand in 2025, T2S will test whether that momentum continues into 2026 and whether Morocco’s IPO market can sustain a broader pipeline of large private companies seeking public capital.

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