IPO Cash Plus: A Surge of Subscriptions and a Valuation Raised to 4.9 Billion Dirhams

The IPO operation, which includes 2 million new shares and 1.8 million shares sold at a fixed price of 200 dirhams, values the company at 4.9 billion dirhams, positioning it among the significant market capitalizations (34th). Ahmed Arharbi, the market operations director at the Casablanca Stock Exchange, revealed that the market has been particularly receptive. The first tranche mobilized nearly 234 million shares with a satisfaction rate of less than 1%, while the second tranche recorded approximately 10 million shares requested, achieving an average satisfaction rate of 14%. The iterative mechanism allowed for the allocation of up to 19 shares for the largest requests, and employees were fully served within the limit, with slightly over 50% of requests fulfilled. This dynamic resulted in a total of 244 million shares requested, symbolizing a strong return of individual investors. Notably, 50% of individual subscribers are new to the market, confirming the renewal effect that authorities have aimed for over the past several years. After allocation, individuals received nearly 70% of the offered shares to form the core of the float. Subscriptions covered all regions of the Kingdom, with a predominance along the Casablanca-Rabat axis and a notable presence from regions like Fès-Meknès. The median investment was around 10,000 dirhams, reflecting a profile of active and structured savers, primarily aged between 35 and 60 years. The operation also stood out for its diverse international buyers, with participation from 74 nationalities, particularly notable among institutional investors from the UK, the US, and the Cayman Islands. For a Moroccan fintech, this level of international interest is a rare indicator of attractiveness. During the ceremony, Brahim Benjelloun-Touimi praised the listing of a company that has become a central player in financial inclusion. He noted that the record figures of the operation reflect both confidence in Cash Plus and the growing maturity of the financial market, now ready to support impactful models. Younes Benjelloun placed the IPO within a broader context: since 2018, ten listings have raised approximately 10 billion dirhams in equity. This sequence, he argued, refutes the notion of a stock market disconnected from the real economy, as these resources have directly financed investments, job creation, and external growth operations. CEO Nabil Ammar highlighted the company's local DNA and the milestones that marked its gradual opening of capital. Today, Cash Plus boasts 2 million active accounts, a network of 5,000 agencies, and an annual flow exceeding 10 million served clients. The listing is expected to accelerate digitalization, equip merchants with payment solutions, and enhance the modernization of the sector. For him, this IPO marks "a cycle of acceleration" that demands greater rigor and transparency while also providing the means to go "faster, further, stronger." With its ticker CAP, Cash Plus joins the main market and becomes a structuring player in its segment. The operation illustrates the market's capacity to finance innovative companies, attract first-time investors, and mobilize tangible international interest. The true test, as emphasized by the speakers, will now unfold over time, focusing on operational performance, stock price evolution, and Cash Plus's ability to mobilize new equity if its strategy requires it.