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You are here :   Home > INITIAL PUBLIC OFFERINGS > IPO terms and conditions

Last modified date : 15/09/2009
 INITIAL PUBLIC OFFERINGS

IPO terms and conditions


Your firm may issue shares or bonds which may be listed on one of the stock market’s three equity markets or the bond market.

EQUITY MARKETS

Your firm is eligible to be floated on one of the three equity markets (the Main Market, the Development Market and the Growth Market) if it meets the main criteria as follows :

 Preliminary requirements

 

Main Market

Development Market

Growth Market

Company profile   Large companies   Medium-sized companies   High-growth companies
Minimum shareholders’ equity (in MAD millions) MAD50m No fixed limit No fixed limit
Minimum sales (in MAD millions)   No fixed limit   More than MAD50m   No fixed limit
Number of certified financial periods 3 2 1
Consolidated financial statements   Yes, for companies with subsidiaries   Optional   Optional

  Additional requirements

 

Main Market

Development Market

Growth Market

Minimum number of shares issued   250 000 shares   100 000 shares  

30 000 shares

Minimum amount issued (in MAD millions)* MAD 75m MAD 25m

MAD 10m

Liquidity provision contract   Optional   1 year   3 years

(*) :The minimum amount issued corresponds to the amount that your firm wishes to raise on the stock market. It concerns the number of securities offered to the public multiplied by the initial public offering price.

For example : Company A decides to offer to the public 100,000 shares at a price of MAD 200 per share. The amount issued will therefore be MAD 20,000,000 (100,000 x 200). The security will therefore be listed on the Growth Market.

BOND MARKET

For this market, the criteria are as follows :

  Issuing entity

Number of certified financial periods 2
Consolidated financial statements Yes, for companies with subsidiaries
Minimum amount issued MAD20m
Minimum maturity* 2 years

(*) : corresponds to the minimum life of the bond

 

   


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