The IPO of CMGP Group, a major player in the agricultural industry, has been successfully completed, good news for the Moroccan financial market. The operation raised 1.1 billion dirhams (MAD) for a total market capitalization of 3.4 billion MAD.
Craze for the operation
The operation involved a total of 5.5 million shares offered at a unit price of 200 MAD. The shares were divided into two order types: Type I, representing 68.2% of the shares, was intended for qualified investors with a pro-rata allocation method, while Type II, representing 31.8%, was allocated with an initial iteration of up to 300 shares followed by prorating.
Enthusiasm for the IPO was particularly strong with total demand reaching 203.4 million shares, representing 37 times the initial offering of 5.5 million shares. The overall satisfaction rate, defined as the ratio between the number of shares allocated and the actions requested, stood at 2.7%.
This strong demand resulted in the participation of 33,771 subscribers, among which individuals clearly stood out with 32,516 participants. Institutionals and legal entities also took part in the operation, even if their number remained more limited. The attraction of small investors for this introduction is a positive signal for the diversification and democratization of the Moroccan stock market.
The operation mainly attracted Moroccan investors, who represented a very large majority of the shares allocated. Indeed, 92.83% of shares allocated to institutions were allocated to national players, compared to only 7.17% for foreigners. A similar observation applies to individuals, with 98.72% of shares going to Moroccan subscribers, compared to 1.28% for international investors.
Despite this domestic predominance, the introduction attracted notable interest abroad. 336 international subscribers from 44 different nationalities participated in the operation. Among the most represented nationalities, Ireland stood out with 58,776 shares allocated, followed by the United Kingdom with 25,889 shares and the United Arab Emirates with 25,142 shares. Other countries such as France, South Africa and Luxembourg are also among the main foreign investors.
The geographical distribution of Moroccan subscribers reveals a significant concentration in the Casablanca-Settat region, which represented 74.7% of the shares allocated. The Rabat-Salé-Kénitra region comes in second position with 12.2% of shares. Other regions such as Fès-Meknes, Souss-Massa and Tangier-Tétouan-Al Hoceima played a more limited role, with shares varying between 2 and 4%. In contrast, the least represented regions include Guelmim-Oued Noun and Dakhla-Oued Eddahab, which contributed marginally to the operation.
The demographic analysis of individuals shows that the majority of subscribers belong to the age group of 35-60 years, which represents 42% of the total. Investors aged 25 to 34 follow with 26%, while seniors over 60 represent 13% of participants. Young people aged 18 to 24 account for 11%, which demonstrates a growing interest among new generations in stock market investment.
Following this introduction, CMGP Group is now listed on the Casablanca Stock Exchange under the ticker CMG, with an ISIN code MA0000012718. The company joins the main market B and joins the 34th rank of the 77 listed companies. Its activity is classified in the agricultural industry sector, a key area for the Moroccan economy.
LNT
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