• IPO attracts 81,466 subscribers, the largest in Morocco in a decade

• Offer oversubscribed 65 times, raising 750 million dirhams

• Funds to support super-app rollout, merchant equipment, and tech upgrades

Moroccan fintech CashPlus attracted 81,466 subscribers for its listing on the Casablanca Stock Exchange. This makes it “the largest stock market operation of the past 10 years in Morocco, and the first fintech IPO on the Casablanca exchange,” said Nabil Amar, chairman and CEO of CashPlus, on Monday, December 1.

The offer was oversubscribed 65 times, reflecting strong interest from both individual and institutional investors. Details on subscriber distribution will be released later. The first trading day is scheduled for Monday, December 8, with a free float of 15.5%, representing the share of stock available for public trading.

CashPlus is completing Morocco’s second IPO of 2025, after Vicenne in July. The total amount raised is 750 million dirhams ($5.8 million), split between a capital increase and a partial sale of shares. The funds include two components.

The first component, a 400 million dirham capital increase, will help accelerate the development of the company’s super-app, which will integrate payment cards, QR codes, merchant payment tools, and daily digital services. Another priority is equipping small neighborhood shops.

Digital payment adoption in Morocco remains limited due to low equipment levels among small merchants such as grocers, artisans, and local service providers. CashPlus plans to invest in acceptance terminals and other tailored tools. Part of the funds will also reinforce its technology infrastructure, including platform upgrades, operational scaling, cybersecurity, and the integration of new services.

The second component, worth 350 million dirhams, concerns the sale of 1.8 million shares by Mediterrania Capital, a fund that has supported CashPlus since 2014. The fund partially exited in 2020 before returning in 2023. The Amar and Tazi families, the main shareholders, sold no shares. After the IPO, each family will retain 35.1% of the capital, while Mediterrania Capital’s stake will fall from 23.5% to 14.3%.

CashPlus, a former money-transfer operator

Founded in 2004 under the name Ramapar, CashPlus initially specialized in international money transfers. It is now a payment institution licensed by Bank Al-Maghrib, the central bank of Morocco, and provides a range of financial and para-financial services.

As of June 30, 2025, the company operated 4,909 agencies nationwide, with nearly 4 million payment accounts (M-Wallet) and more than 1.3 million users of its mobile app. The group structures its business around two segments. First, financial services, which account for 68% of revenue: money transfers, payment accounts, physical and virtual cards, and foreign-exchange operations. Second, proximity services: bill payments, phone top-ups, parcel delivery (Tawssil), goods delivery, and B2B services for businesses.

The IPO was approved by the Moroccan Capital Market Authority (AMMC) on October 31, 2025. The prospectus set an issue price of 200 dirhams per share, a nominal value of 10 dirhams, the issuance of 2 million new shares, and the sale of 1.8 million shares, for a maximum amount of 750 million dirhams. The subscription period ran from November 19 to 25, 2025.

Chamberline Moko