If you want to be part of the wealth creation process, if your company is growing strongly and if you are leader in your sector of activity or wish to become leader, floating your company on the stock-market has several advantages:

If you have large capital requirements, the stock-market, which is an inexhaustible source of financing, makes available considerable resources to finance your large-scale projects and the process is straightforward.

Capital is raised on the stock-market at the time of your IPO without requiring any guarantee from you. Capital can be subsequently raised, depending on your needs or on growth opportunities which may arise.

You will have access to a new source of financing which is complementary to that offered by specialised organisations such as banks, leasing companies and private equity and there will be a change in your relations with your bankers. By making a public offer in the stock-market, your firm’s financial expenses are reduced, you secure its growth and you increase its financial independence. Your firm can only gain in stature.

By floating your company on the stock-market, you will benefit from significant tax exemptions. A reduction in corporation tax (IS) is granted for three consecutive years from the year following that of your listing :

• A reduction of 50% is granted during 3 years if you float your company on the stock-market by raising its share-capital by at least 20% and abandoning preferential subscription rights.

• A reduction of 25% is granted during 3 years if you float your company on the stock-market by opening its share-capital to the public.

An IPO puts your firm, its products, its brands, its production capacity and its management under the spotlight. A stock-market flotation becomes a preferred means of communication, promotion and advertising which is particularly cost-effective.

The entire financial community (financial analysts, journalists, fund managers) exchanges information about your firm and without cost.

A stock-market flotation is a certificate of prestige, good governance and corporate citizenship and represents a crowning moment in a firm’s development. It is a guarantee of quality, recognised as such in Morocco and overseas. Your firm's credibility is enhanced as well as its financial valuation. Its accounts are certified, published, analysed and distributed.

A listing also undeniably gives credibility at an international level. It will be easier to export or undertake business dealings overseas if your firm is listed.

Opening your share-capital to minority investors does not in any way compromise your independence and your decision-making powers.

If you do not wish to open your share-capital, you can still raise sizeable amounts of capital on interesting terms by issuing debt securities.

Finally, a stock-market flotation avoids any rupture or dissolution following the departure or death of one of the majority shareholders. It is in fact easier to divide listed shares than industrial assets. The price of the share is known, undisputed and enforceable against third parties and therefore enables shareholders, who wish to withdraw gradually, partially or entirely, to liquidate their holdings.