Port operator Marsa Maroc raised 194 billion dirham ($197 million) in the framework of its listing on Casablanca Stock market.

On June 27th, the bourse announced anticipated closure of subscription period for Marsa’s IPO. In a note published on its website, the Casablanca stock market indicated that subscription period closed by anticipation on June 27th at 2:30 PM, instead of June 30 as initially planned.

By proceeding to the IPO, the first on the Casablanca stock market since the beginning of 2016, Marsa Maroc sells 40% of its capital in the firm. The State which sold 29.6 million shares at a reference price of 65 dirhram thus sees its participation fall to 60%.

Founded in 2006, Marsa Maroc manages terminals in nine of Morocco’s ports and provides logistic services.

Proceeds of the transaction will be injected in the expansion of the group which presently seeks to submit offer for two other terminals at the Casablanca port and to grow in North and West Africa.