Investors will soon be able to buy shares in Jet Energy, a solar power company that wants to raise up to 375.4m dirhams (£29.4m) to expand its business. The Moroccan Capital Market Authority (AMMC) approved the company’s initial public offering (IPO) prospectus on 21 October, clearing the way for a listing on the Casablanca Stock Exchange.
Jet Energy plans to issue 2,625,000 new shares at between 125 and 143 dirhams each. The sale is expected to raise between 328.1m and 375.4m dirhams (£25.7m-£29.4m). Each share has a nominal value of 10 dirhams.
The subscription period will open on 2 November and close at 15:30 local time on 5 November 2026. The final share price is due to be set on 11 November, with trading expected to begin on 16 November in the exchange’s Main Compartment F.
Jet Energy is a subsidiary of Jet Contractors, an industrial construction group. The IPO will increase the company’s capital rather than allow existing shareholders to sell their shares.
Jet Contractors will remain the majority shareholder, although its stake will fall from 78.91% to 63.13% once the new shares are issued. The new shares will represent 20% of Jet Energy’s capital after the transaction.
The IPO was approved by Jet Energy’s extraordinary general meeting on 22 December 2025 and finalised by its board of directors on 20 October 2026. The prospectus, approved under reference VI/EM/030/2026, covers the company’s 2025 financial year and the first half of 2026, as well as details of the share issue.
Jet Energy generated revenue of 340m dirhams in 2025. It builds solar photovoltaic power plants, managing the engineering, procurement and construction (EPC) work needed to deliver projects.
About 175m dirhams from the IPO proceeds is earmarked for expanding these operations.
Large solar projects often require companies to pay for equipment, materials and workers before clients make their payments. The new funding is intended to help Jet Energy cover these upfront costs, run several major projects at once and reduce its reliance on short-term bank loans.
The additional capital should also help the company compete independently for large contracts at home and abroad, where bidders may need substantial bank guarantees and security deposits.
Jet Energy also plans to use part of the 175m dirhams to buy minority stakes in energy projects, including independent power producer schemes and hybrid installations that combine different energy technologies. These investments could help it secure construction contracts for the projects in which it holds a stake.
The company’s business plan submitted to regulators does not count any future revenue generated by the IPO funds. It also excludes potential income from battery storage construction contracts and plans to expand into other African markets.
Institutional investors and wealthy individuals are expected to account for a significant share of the offering.
A total of 1,680,000 shares, or 64% of the offering, is reserved for Type I orders. Investors in this category must subscribe for at least 3m dirhams’ worth of shares.
These orders will be prioritised and allocated in descending order of the price offered, within the range of 125 to 143 dirhams per share.
Copies of the prospectus are available at Jet Energy’s headquarters, through members of the placement syndicate, and on the websites of the Casablanca Stock Exchange and the AMMC.
Jet Energy has already worked on large renewable energy projects in the country.
In December 2025, it partnered with OCP Green Energy, the renewable energy arm of state-owned phosphate group OCP, to commission a solar installation with a capacity of 202 megawatts-peak (MWc).
The listing comes as the country works towards a target of generating 52% of its electricity from renewable sources by 2030.
The IPO will give investors a direct way to invest in Jet Energy’s solar infrastructure business while providing the company with more capital to pursue larger projects.
