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

Last modified date : 16/03/2020
 INITIAL PUBLIC OFFERINGS

IPO terms and conditions


Capital securities :

Market

Main

Secondary

Division

A & B

E

A

C

Minimum % of securities to be issued to the public

25% of K if K<5 bn MAD

 

 


 

Minimum amount to be issued to the public

20% of K if 5<=K<10 bn MAD

 

MAD 5 Bn

 

Audited Fiscal Years

15% of K if 10<=K<40 bn MAD

1

1

1

Consolidated accounts (when company has subsidiaries)

10% of K if K>=40 mdrs MAD

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Moroccan standards in force, or failing that, international standards (IFRS/IAS) 

Consolidated half-year corporate account

MAD 1. 25 Bn if 5<=K<10 Bn MAD

 

if planned listing date falls over 9 months of fiscal year-end.

 

Support agreement with broker/ investment advisor

 

 

Minimum 2 years

 

Liquidity agreement

 

 

Minimum 2 years

 

Holding period by majority shareholding

 

 

2 years

 

 

* Not applicable to public institutions, companies and corporations referred to in Article 1 of Law 69-00 on State financial control over public companies and other bodies

 

 

Debt Securities:

 

Market

Main

Secondary

Division

D

E

B

C

Minimum total amount of issue

MAD 100 Bn

 

MAD 20 Bn

 

Minimum amount per tranche

MAD 20 Bn

 

MAD 10 Bn

 

Audited Fiscal Years

2

2

2

2

Consolidated accounts (when company has subsidiaries)

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Moroccan standards in force, or failing that, international standards (IFRS/IAS)

Consolidated half-year corporate account

if planned listing date falls over 9 months of fiscal year-end.

-

if planned listing date falls over 9 months of fiscal year-end.

 

Minimum maturity of securities

2 years

2 years

2 years

2 years

 

 

   


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