The latest issue of the Capital Market Review (RMC), produced by the Moroccan Capital Market Authority (AMMC), provides a comprehensive overview of the key events of the first quarter of 2024.
It highlights the performance of the main market indicators, the valuation of market capitalization, and developments in the primary and secondary market, marked by bond issues and capital increases. The review also details the adoption of the AMMC’s new 2024-2028 strategic plan, aimed at promoting an efficient and innovative capital market.
A thematic file examines IPOs in Morocco, describing the institutional framework and market practices. This process, strictly regulated by legislative texts, is based on principles such as transparency, the dissemination of securities to the public, and a precise institutional organization. The review explains the admission conditions, the initial listing procedures, and the methods of valuing shares, thus providing an overview of IPOs.
The AMMC’s 2024-2028 strategic plan, developed in collaboration with the capital market ecosystem, aims to continue the progress of previous plans. It aims to strengthen the development of savings and the financing of the economy, based on an efficient and innovative capital market. This plan reflects the AMMC’s desire to adapt to market developments and support economic players.
The information document relating to an IPO (prospectus) is essential for investors, providing them with the information necessary to assess the risks and prospects of the issuer. It is made public after obtaining the AMMC’s visa, thus ensuring the transparency and compliance of the information. The review also details the different valuation methods used to set the IPO price of the shares.
The RMC addresses the first listing procedures, essential for the distribution of securities to the public. Companies can choose between firm price offer, minimum price offer, open price offer and direct quotation. Each procedure has its specificities and is chosen according to the financing objectives of the issuer and the state of the market. The majority of IPOs on the Casablanca Stock Exchange use the firm price offer.
