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

Last modified date : 23/03/2021
 INITIAL PUBLIC OFFERINGS

IPO terms and conditions


Capital securities :

 

Market

Main

Secondary

Division

A & B

E

F

A

C

Minimum % of securities to be issued to the public

25% of K if K<5 bn MAD

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

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

10% of K if K>=40 mdrs MAD

 

10% of the share capital at the time of admission.

The Casablanca Stock Exchange may admit a lower percentage, after approval by the AMMC, depending on the market capitalization of the issuer. The reduced percentage may not, however, be less than 5% of the share capital.

 


 

Minimum amount to be issued to the public

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

MAD 2 Bn if 10<=K<40 Bn MAD

MAD 6 Bn if K>=40 Bn MAD

 

A minimum amount set by the Casablanca Stock Exchange according to the characteristics of the operation. This amount cannot be less than 100 million dirhams

MAD 5 Bn

 

Audited Fiscal Years

3

1*

3

1

1*

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)

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

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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of 28/08/2021
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10,07  MAD
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