(Ecofin Agency) - Moroccan real estate company Aradei Capital has obtained regulator AMMC’s approval for an initial public offering through a capital increase.
The company will issue 1.2 million shares at MAD400 each. It will also proceed to the transfer of 250,000 shares at MAD400 per share. Aradei Capital, owned 49.6% by Label'Vie group, hopes to mobilize MAD 600 million ($65.8 million) at the end of the operation.
The IPO was decided on November 9, at the Aradei Capital Board of Directors meeting. The objective is to raise funds to finance the company's development plan and enable it to acquire and develop real estate assets. The subscription period for these shares is from 1 to 4 December 2020.
Aradei Capital plans to reorganize its shareholding by the end of this operation.