SGTM: The Market Spoke Before the Company

The figures released by the Casablanca Stock Exchange this morning speak for themselves. There were 171 billion dirhams in requests for 4.8 billion dirhams offered, representing 35 times the offer, with 171,377 subscribers mobilized. Technically, the operation reached levels of tension rarely observed, with 408.8 million shares requested and only 12 million allocated, resulting in an overall satisfaction rate of less than 3%, according to detailed data provided by Ahmed Arharbi, the market operations director. The employee tranche was fully served within the planned limits, while other categories absorbed most of the imbalance. For individual investors outside the employee category, the satisfaction rate was 1.21%, confirming that pressure concentrated where demand was most fragmented. Following the allocation, 55% of the shares went to individual investors (40% of whom are first-time investors), compared to 40% for institutional investors. The floating shares are thus primarily held by individual investors, mostly aged between 35 and 60, with median amounts indicating structured savings rather than opportunistic investments. Geographically, the Casablanca-Settat region accounted for the majority of allocations, followed by Rabat-Salé-Kénitra and Fès-Meknès. All regions are represented, but the core of the floating shares remains clearly urban and financial, as is typically the case. According to Mohamed Saïd, interim general director of the Casablanca Stock Exchange, the volume and granularity of subscriptions confirm the market's ability to absorb exceptional flows without dysfunction. The unprecedented number of subscribers reflects a massive return of individual investors to the primary market. This view is echoed by Brahim Benjelloun Touimi, chairman of the Casablanca Stock Exchange Board. He believes the operation is part of a now-recurring dynamic: recent listings show a broader and more active investor base capable of supporting significant-sized companies. The diversity of mobilized profiles, in his view, constitutes a strength for the market. Idriss Berrada, general director of Attijari Finances and advisor for the operation, emphasized that the success of the IPO primarily stems from its structuring. The calibration of the offer and the segmentation into order categories allowed for the channeling of exceptional demand within a controlled framework. The compression of satisfaction rates is presented as a mechanical consequence of an accepted imbalance, rather than a design flaw. On SGTM's side, Hamza Kabbaj, general director, particularly highlighted the collective nature of the operation, praising the work of the teams and partners involved in the listing, as well as the trust expressed by subscribers. He reminded that the listing now commits the group to a framework of discipline and transparency inherent to the public market, without venturing into strategic announcements. With a market capitalization of 25.2 billion dirhams, 60 million shares, and a direct admission to the Main Market A, SGTM positions itself among the major players on its first day (11th largest market capitalization). With its ticker GTM, the company enters without a learning phase, immediately exposed to liquidity and market monitoring requirements. Ultimately, the introduction has fulfilled its role: testing market depth, broadening the shareholder base, and establishing value. The next steps will now unfold on screen, in line with the stock's performance, liquidity, and SGTM's ability to meet the demands of its new public status over time.