Idriss Berrada: "The Market Remains Strong, SGTM's IPO Comes at the Right Time"

During the presentation of SGTM's initial public offering (IPO), Idriss Berrada, CEO of Attijari Finances and advisor for the operation, sought to downplay the recent fluctuations in the Casablanca stock market. He stated that the corrections observed in recent weeks are merely a phase of profit-taking and "do not undermine the underlying dynamics of the market." Berrada noted that the stock market is aligned with a particularly favorable economic cycle, characterized by unprecedented levels of public investment and a "very robust" pipeline of projects in infrastructure, energy, industry, and transportation. "We are experiencing a phase where real activity is extremely strong. All major sectors are in motion. The country is undergoing transformation, and the financial market must support this movement," he emphasized. Regarding the timing of the IPO, he believes that waiting until 2026 would not provide any additional advantages: "The market remains deep, the quality of the issuer is indisputable, and the operation is well-calibrated. The timing is right." He added that SGTM's IPO, the largest since Maroc Telecom, serves as a positive signal for the market, potentially revitalizing a year-end characterized by investor caution. "It is a solid, profitable, and recognized company, and the market has the capacity to absorb it," he concluded, highlighting the structuring nature of this IPO for the Moroccan financial ecosystem.