The recent public offering of Crédit du Maroc shares by Holmarcom Finance Company attracted an overwhelming response, with a total demand of nearly 21.3 million shares against an available supply of only 1,229,577 shares. According to the technical results published on the Casablanca Stock Exchange website, this high demand led to an average satisfaction rate of just 5.77%, and over 1 billion dirhams (MAD) worth of shares were allocated.
Broad investor interest from across the globe
A total of 13,080 investors from 31 countries participated in the IPO. Among these, individual investors made up the majority, with 12,545 subscribers requesting 7.6 million shares but receiving just 696,503 shares in total. Institutional investors, totaling 278 subscriptions, requested over 12.5 million shares and were allocated 482,185 shares. Corporate investors, with 257 subscriptions, requested 1.2 million shares and received an allocation of 50,889 shares.
Competitive pricing and allocation strategy
The IPO, which ran from October 28 to November 1, 2024, was priced at 850 dirhams per share for the public, while employees were offered a discounted price of 680 dirhams per share. This strategic pricing, combined with the limited number of shares, fueled strong demand, resulting in high competition among investors.
Strong market signal for Crédit du Maroc
The unprecedented interest in Crédit du Maroc’s IPO not only highlights the bank’s appeal but also demonstrates growing investor confidence in Morocco’s financial sector. The high demand from a diverse pool of investors further underscores Crédit du Maroc’s value proposition and the market’s optimism about its future performance.
