Risma, one of Morocco’s leading hospitality groups, is entering a pivotal chapter in its financial story as it turns to the capital markets to fuel its growth strategy. The company has launched a capital increase of 450 million dirhams, signaling a bold move to strengthen its equity base and assert its long-term ambitions to the Casablanca market.
Unveiled in Casablanca on January 15, the operation involves the issuance of 1.5 million new ordinary shares at a fixed price of 300 dirhams each. Every share carries a nominal value of 100 dirhams, plus a 200-dirham premium, fully payable in cash.
This marks only the second capital increase since Risma went public in 2005, underscoring the strategic significance of this move. It comes at a time when Morocco’s tourism sector is enjoying strong momentum, and the company is facing rising investment needs to keep pace.
For Risma’s financial advisors, this fundraising round signals the group’s entry into a new era. By opening up its capital, the company is deliberately shifting away from relying solely on its longstanding shareholders and is seeking to diversify its financing channels to support its major development projects.
Subscriptions will be open from January 26 to January 30 at 3:30 p.m., with the new shares scheduled for listing on Casablanca’s main market (Compartment A) on February 10. These new shares will be fully fungible with existing ones and will carry the same rights from the moment the deal is finalized.
Beyond the financial dimension, the capital increase also reflects a clear intent to broaden the company’s shareholder base. Risma is waiving preemptive subscription rights in order to open the door to a wider pool of investors and boost stock liquidity. Currently, the free float stands at roughly 10 percent; this operation is expected to nearly double it to around 20 percent.
That expanded float is a significant development for Risma’s stock. It’s expected to attract a broader range of investors—both retail and institutional—while improving trading activity on the secondary market.
The offer is divided into two subscription tranches. The first, consisting of one million shares—roughly two-thirds of the total—is targeted at investors who can commit to a minimum investment of 10,000 shares, equal to 3 million dirhams. The second tranche includes 500,000 shares with no minimum, allowing for broader participation.
Both tranches are open to individuals and legal entities, whether based in Morocco or abroad. Eligible investors include Moroccan and international qualified investors, excluding short-term bond and money market funds. Share allocation will follow the procedures detailed in the prospectus, based on actual demand.
The subscription price offers a sizable discount of about 25 percent compared to the closing stock price on January 6, 2026. This pricing is based on a weighted average over several time periods, which is considered a fair approach given the stock’s trading history and liquidity.
At 300 dirhams per share, the price implies a price-to-earnings ratio of about 17, compared to a market average of 21 to 22. The enterprise value to EBITDA ratio sits at 11.3. These figures place the offer at an attractive valuation relative to market norms.
The capital raised will be channeled primarily into the group’s development pipeline. A significant portion will be used to refinance the acquisition of Centre Multifonctionnel de Guéliz, the company that owns the Radisson Blu Hotel Marrakech Carré Eden and the adjacent Carré Eden Shopping Center—both strategic assets located in the heart of Marrakech.
At this stage, the capital increase will not alter Risma’s governance structure or debt profile. The objective is to bolster the company’s consolidated equity, preserving its future borrowing capacity and securing funding for upcoming projects.
This initiative is part of a deliberate, long-term growth strategy focused on targeted expansion in high-potential tourism and economic zones. A case in point: in 2025, the group acquired a 5,000-square-meter plot on the Tangier corniche, strategically located near the city center and port—underscoring Risma’s approach of building a strong development portfolio in advance.
In parallel, the company remains open to acquiring existing hotel properties, particularly those with opportunities for repositioning or upgrading.
Once this offering is complete, Risma’s total number of shares will rise from 14.3 million to 15.8 million. Consolidated equity will increase from 1.71 billion dirhams to 2.16 billion, including both capital and the premium. While historical shareholders will see their stakes diluted, the overall structure of institutional ownership is expected to remain stable.
Additionally, a separate capital increase of 50 million dirhams is planned for Risma’s management team, once the main offering concludes. This move aims to align leadership’s long-term interests with those of the broader shareholder base.
This financial move aligns with Morocco’s wider national tourism strategy, which aims to position the country among the top five global destinations. The government’s targets include reaching 30 million visitors, generating tourism revenues of around 120 billion dirhams, and creating hundreds of thousands of direct and indirect jobs.
Within that framework, Risma intends to play a key role in upgrading Morocco’s hotel infrastructure, boosting the sector’s competitiveness, and accelerating its digital transformation.
Recent operational results support this ambition. By the end of September 2025, Risma’s third-quarter occupancy rate reached 71 percent—a significant year-over-year increase. Quarterly revenue hit 334 million dirhams, up 5 percent. Cumulative revenue for the first nine months climbed to 987 million dirhams, compared to 915 million the year before.
Total investments during the period reached 304 million dirhams, driven by the Tangier land acquisition and ongoing renovations. Net debt stood at 1.285 billion dirhams. The group expects the CMG acquisition to positively impact net income by more than 15 percent annually starting in 2025.
