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Moroccan agritech company CMGP has successfully raised MAD 1.1 bn (c. USD 110.3 mn) in its IPO on the Casablanca Stock Exchange (CSE), according to CSE disclosure (pdf). The offering was 37x oversubscribed, with the order book reaching MAD 40.7 bn – some 203 mn shares – from 33.8k investors.
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The breakdown: The company offered 5.5 mn shares, including 1.5 mn new shares, at an issuance price of MAD 200 (c. USD 20) per share. Moroccan investors made up around 92.8% of the institutional subscribers for the issuance, while the remaining 7.2% were foreign institutions. The IPO was described as the third-largest in the history of the CSE, Map reported.
REMEMBER- The company plans to use the capital raised to expand its manufacturing capacity, as well as funnel new investments into its operations in African markets. Solar energy, water treatment, and seed treatment are areas of expansion the company has sights on for the future.
About CMGP: CMGP Group operates in three main areas including agriculture, water and irrigation infrastructure, and solar energy. Today’s company is an outcome of a 2021 merger of CMGP and Comptoir Agricole du Souss (CAS) merger that allowed the company to further expand into new markets in the African continent.
Advisors: CFG Finance acted as financial advisor and general coordinator, while Attijari Finance acted as a co-advisor.
