SGTM gains AMMC approval for landmark Casablanca IPO

Wednesday 19 November 2025 - 09:20

By: Dakir Madiha

SGTM gains AMMC approval for landmark Casablanca IPO

La Société Générale des Travaux du Maroc (SGTM), a leading Moroccan construction and infrastructure group, has officially received approval from the Moroccan Capital Market Authority (AMMC) to launch its highly anticipated initial public offering (IPO) on the Casablanca Stock Exchange.

The AMMC authorization, visa No. VI/EM/037/2025 dated November 17, 2025, paves the way for SGTM to float 20% of its capital, with the transaction valued at up to MAD 5.04 billion. This strategic move reflects the company’s commitment to expanding its market presence and enhancing transparency while offering investors access to one of Morocco’s most influential infrastructure players.

Founded in 1972, SGTM is a family-owned, independent group that has shaped Morocco’s economic and physical landscape for over five decades. With more than 1,000 flagship projects completed across vital sectors like transport, energy and water, health, industry, education, and culture, the company is a cornerstone of national development. Today, SGTM employs over 21,000 people and operates 2,500 pieces of machinery, maintaining a diverse portfolio of ongoing contracts. Internationally, it extends its operations to six African countries, including Senegal, Côte d’Ivoire, and Burkina Faso, aligning with Morocco’s broader continental goals.

The IPO aims to solidify SGTM’s institutional framework by welcoming new partners, strengthening governance, and boosting visibility in regional markets. Additionally, the company plans to deepen employee engagement by enabling their direct participation in the company’s growth trajectory.

The approved IPO prospectus includes the operation note, SGTM’s 2024 reference document, and its first-half 2025 financial disclosures. Subscriptions will be open from December 1 to 8, 2025, closing at 3:30 pm (GMT+1). Share prices are set at MAD 380 for order type II and MAD 420 for order types III and IV. Shares will be available through all participating banks and brokerage firms in the placement syndicate.

The prospectus can be accessed free of charge on the websites of the AMMC, the Casablanca Stock Exchange, and SGTM. Attijari Finances Corp. is leading the offering as the financial advisor and global coordinator.