Between 2020 and 2022, four initial public offerings (IPOs) marked the return of activity on the Casablanca Stock Exchange: Aradei Capital, TGCC, Disty Technologies, and Akdital. Each company, operating in different sectors—real estate, construction, IT, and healthcare—has contributed to revitalizing the market while diversifying the profiles of issuers. Three years later, these companies present different but overall positive trajectories, both operationally and in stock performance.
**Aradei Capital: A Disciplined Real Estate Company Consolidating Its Base**
Introduced in December 2020, Aradei Capital continues its steady development. In the first half of 2025, consolidated revenue reached 308 million MAD, a 4% increase year-on-year, driven by strong asset performance and contributions from Aradei Santé. The group's funds from operations (FFO) stood at 155 million MAD, a slight increase of 2%, indicating stable cash flow generation. The value of its assets has risen to 8 billion MAD, up 1% from the end of 2024. The loan-to-value (LTV) ratio is at a comfortable 40% for a listed real estate company. Additionally, Aradei is preparing two major new projects in Casablanca, adding 85,000 square meters of gross leasable area, and will hold its first Capital Market Day at the end of 2025. On the stock market, the share price has increased by 13.25% since its IPO, confirming its defensive profile, which is sought after for its consistent dividends and transparent management.
**TGCC: Scaling Up and Record Order Book**
Listed since December 2021, TGCC reached a new milestone in 2025 with the acquisition of 60% of STAM VIAS. By the end of June 2025, consolidated operating revenue reached 5.6 billion MAD, a 43.6% increase year-on-year. The integration of STAM VIAS contributed 26% to this total, illustrating the group's expansion. EBITDA rose to 1.18 billion MAD, up 123.8%, while net income attributable to the group reached 416 million MAD, a 60.6% increase. The order book has reached a record level of 19.1 billion MAD, more than double that of a year ago. TGCC has established itself as a key player in infrastructure projects, dams, and major upcoming events (CAN 2025, World Cup 2030). The stock has seen a spectacular increase of 552.9% since its IPO, reflecting a strong revaluation supported by solid fundamentals.
**Disty Technologies: The Alternative Market SME Confirming Its Path**
Introduced in July 2022, Disty Technologies continues to demonstrate the relevance of the alternative market. In the first half of 2025, revenue reached 278.7 million MAD, a 13% increase. EBITDA grew by 14% to 17.5 million MAD, while net income reached 12.4 million MAD, a 24% increase year-on-year. This improvement is attributed to effective cost management, efficient currency management (with a net gain of 1.5 million MAD), and enhanced commercial execution. Disty is continuing its development in IT and cloud solutions while preparing to launch new electronic cards in the second half of 2025. On the stock market, the share price has increased by 29.9% since its introduction, showing moderate but stable growth in a still illiquid segment.
**Akdital: Sustained and Now International Expansion**
Introduced in December 2022, Akdital confirms its trajectory of rapid expansion. By the third quarter of 2025, the group reported consolidated revenue of 1.03 billion MAD, a 34% increase, with a total of 3.12 billion MAD over nine months, up 55% compared to 2024. The group now operates 39 establishments across 23 cities, with a total capacity of 4,419 beds. The regional development strategy continues, with establishments in all 12 administrative regions of the Kingdom, including the Oriental region (Nador, Oujda). Nearly 73% of bed capacity and 79% of admissions now come from regions outside Casablanca-Rabat. As of September 30, 2025, cumulative investments reached 1.02 billion MAD, a 25% increase, while net debt stood at 3.44 billion MAD, reflecting the intensity of the expansion program. Internationally, Akdital has launched its first projects in Saudi Arabia, with an investment plan of 5.3 billion SAR (1.4 billion USD) by 2030, aiming to create a hospital network of 1,000 beds. The group has opened a regional headquarters in Riyadh and is preparing to operationalize its first hospital by 2026. On the stock market, Akdital remains a standout performer, with a 340% increase since its IPO, supported by high volumes and strong interest from institutional investors.
**Three Years Later, Three Lessons**
1. Operational quality remains the main driver of stock performance.
2. Financial communication differentiates actively followed stocks from those that have lagged.
3. Finally, the success of Akdital and TGCC proves that the stock market can support Moroccan groups in a trajectory of regional and even international growth. The IPOs from 2020 to 2022 have thus marked a turning point for the Casablanca Stock Exchange. Results as of mid-2025 confirm that this cycle was not merely cyclical but indeed structural.
