• AMMC approves SGTM’s IPO involving 20 % of its share capital
• Share sale could reach 5.04 billion dirhams, with tiered pricing for investors
• SGTM aims to expand capital base, boost transparency, and support long-term growth

The Moroccan Capital Market Authority announced on November 18 that it has approved the listing of Société Générale des Travaux du Maroc on the Casablanca Stock Exchange.

The operation covers the sale of 20 % of the capital of the country’s leading construction group, or up to 12 million shares, for a total amount that could reach 5.04 billion dirhams (about $542 million).

The IPO price is set at 420 dirhams per share. However, the pricing grid includes different discounts depending on the type of subscriber to ensure balanced participation among employees, individuals and legal entities, and institutional investors: 340 dirhams for employees; 380 dirhams for individuals and legal entities with no minimum subscription; 420 dirhams for individuals and legal entities with a minimum of 11,905 shares per account; and 420 dirhams for UCITS and foreign investors.

The subscription period will run from December 1 to 8, 2025, with the first trading date set for December 16. SGTM stated that the listing aims to institutionalize the company by bringing new partners into its capital, increase its visibility and continental presence, strengthen transparency and performance, and facilitate access to financial markets to support long-term growth. The company added that the operation will also allow employees to take part in the company’s development and share in its performance.

The IPO is led by Attijari Finances Corp, the investment bank of Attijariwafa bank. Attijari Intermédiation is the lead manager of the underwriting syndicate, while BMCE Capital Bourse, CFG Bank Capital Markets, Saham Capital Bourse, and Upline Securities serve as co-lead managers.

Founded in 1972 by businessmen Ahmed and M’hammed Kabbaj, SGTM reports a portfolio of more than 1,000 completed projects in transport, energy and water, health, industry, education, and culture. The family-owned group, which employed more than 21,000 people at the end of 2024, has a fleet of 2,500 machines and a large portfolio of contracted projects across several sectors. It also operates in six other African countries, including Senegal, Côte d’Ivoire, and Burkina Faso.