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You are here :   Home > INITIAL PUBLIC OFFERINGS > Terms and conditions

Last modified date : 18/07/2014
 INITIAL PUBLIC OFFERINGS

Terms and conditions


If you have decided to list your company’s shares on the stock market, some steps need to be completed beforehand.

STAGE 1 – PREPARING THE OFFERING FILING DOCUMENTATION

This first stage consists in preparing the filing documentation for your company’s initial public offering. To do this, you will need to be guided by a specialist financial intermediary:

Preliminary requirements

Your financial advisor and global coordinator for the offering (investment bank) will assist and advise you during the entire process by:

Appraising your firm ;

Arranging the necessary legal, accounting and tax-related matters ;

Drawing up a provisional offering schedule;

Determining the IPO price;

Choosing the date for listing your company’s shares;

Preparing the prospectus;

Statutory Auditors

The statutory auditors are responsible for:

Certifying the parent company’s financial statements for the financial years preceding your company’s stock market flotation ;

Advising on any restructuring and statutory amendments which may be required prior to the IPO.

STAGE 2 – VALIDATING THE OFFERING FILING DOCUMENTATION

To complete this stage, you must seek the approval of two entities.

The Conseil Déontologique des Valeurs Mobilières

As market watchdog, the CDVM is the first entity to receive your company’s IPO application. The latter includes a number of documents including a prospectus.

The CDVM is responsible for assessing your application and ensuring that it complies with current rules.

At the end of this stage, the CDVM gives its stamp of approval once the Casablanca Stock Exchange has approved the offering.

This stamp of approval does not in any way represent a guarantee by the CDVM that the offering will be a success nor does it authenticate the information submitted but, rather, the appropriateness and consistency of the information provided by the company making the initial public offering. 

The Casablanca Stock Exchange

This Exchange is the stock market’s managing company and before the CDVM gives its stamp of approval, is initially involved in:

Assisting in the choice of IPO procedure ;

Issuing the offering’s approval notice ;

Setting the offering’s definitive schedule.

STAGE 3 – HANDLING SUBSCRIPTIONS

After the application has been validated, your financial advisor will appoint the placing syndicate which will be responsible for placing your company's shares with the public.

The placing syndicate is composed of :

A lead manager which will manage the offering ;

Brokerage firms and/or banks appointed to collect subscriptions.

During the subscription period, members of the placing syndicate collect the subscription forms. The Casablanca Stock Exchange centralises the subscriptions submitted by members of the placing syndicate and prepares the results which are made public.

These results give both an overall and detailed overview of the offering, including the number of subscribers per order type, per subscriber category, by nationality and per region.

STAGE 4 – TRADING IN THE SHARES

The stage involves the actual listing of your company’s shares and is also known as the first day of trading.

From this moment onwards, your company will be officially listed. It will have its own “ticker”, which is a shortened form of the company’s name and its own securities code.

 

   


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