Special Report: The New Golden Age of IPOs in Morocco

In just five years, the Casablanca Stock Exchange has entered a new dynamic. After a prolonged period characterized by a lack of fresh listings and compelling stories, a new wave of initial public offerings (IPOs) has revitalized the market. This resurgence has rekindled interest among retail investors and breathed new life into the primary market, reminiscent of the early 2000s but within a better-regulated, deeper, and more professional environment. Companies such as Aradei Capital, Akdital, TGCC, and Vicenne have not only mobilized capital through their IPOs but have also repositioned the stock exchange at the heart of economic discussions. The exchange is now seen as a tool for financing, transparency, and national ambition. This special report reflects on five years of transformation, highlighting successes, lessons learned, and upcoming challenges through a series of articles that analyze the before, during, and after of IPOs. It provides a comprehensive overview of the market at a pivotal moment when the stock exchange is reclaiming its primary function: financing the real economy and supporting Moroccan companies in scaling up. The report includes the following topics: 1. Five Years of IPOs: The Strong Comeback of Stock Market Financing in Morocco 2. Behind the Scenes of an IPO 3. How to Read an Information Note Before an IPO 4. A Guide for Investors on Subscribing to an IPO 5. Three Years Later: What Happens to Listed Companies? 6. Vicenne: The Record IPO That Changed the Game 7. First Steps on the Stock Exchange: Navigating Initial Cycles Without Panic.