Overview of the Capital Increase
Risma's public capital increase has garnered an exceptional response from investors, with demand far surpassing the available shares. Priced at 300 dirhams per share, the offering consisted of 1.5 million shares, aiming for a total of 450 million dirhams.
Subscription Details
The subscription period ran from January 26 to January 30, 2026. Investors expressed interest in 70.08 million shares, translating to a total demand of 21.02 billion dirhams. This resulted in a remarkable subscription rate of approximately 46.7 times, both in terms of the number of shares and their monetary value.
Investor Participation
A total of 100,271 subscribers participated in the offering, representing 12 regions across the Kingdom and encompassing 81 different nationalities. The allocation adhered to the maximum limit of 450 million dirhams.
Demand Breakdown
The demand was predominantly driven by Type I orders, which accounted for nearly 19.64 billion dirhams, or over 65.46 million shares requested. From this segment, one million shares were allocated, resulting in a satisfaction rate of 1.53% for 1,053 subscribers.
Conversely, Type II orders, which had a higher volume of subscribers, totaled 4.62 million shares requested, with 500,000 shares allocated, yielding a significantly higher satisfaction rate of 10.82%.
Profile of Subscribers
The subscription structure revealed a clear dominance of individual investors, who constituted over 99% of the subscribers. They requested 34.37 million shares and received 953,934 shares, resulting in an average satisfaction rate of 2.78%.
Institutional investors, including mutual funds, insurance companies, and foreign investors, sought nearly 26.9 million shares, with 409,986 shares allocated, leading to a satisfaction rate of approximately 1.52%.
Regional Insights
Regionally, the Casablanca-Settat area accounted for nearly half of the subscribers and over 85% of the shares requested, followed by Rabat-Salé-Kénitra and Fès-Meknès. Some southern and eastern regions exhibited higher satisfaction rates, albeit with lower demand volumes.
National vs. Foreign Investment
The subscription remained predominantly national, with Moroccan investors representing over 98% of the subscribers and more than 94% of the shares allocated. Although foreign investors participated from over 80 nationalities, their overall volume remained marginal.
Market Implications
The substantial oversubscription and strong engagement from individual investors underscore the market's interest in Risma, particularly in a context where supply scarcity continues to impact satisfaction rates despite robust demand.
