Moroccan medical technology company T2S Group Holding is preparing to go public after receiving approval to list its shares on the Casablanca Stock Exchange.
The Moroccan Capital Market Authority (AMMC) approved the company’s initial public offering (IPO) on 6 July. Investors can buy shares between 13 and 17 July at a fixed price of 223 dirhams each.
The IPO is worth 1.1bn dirhams and is being managed by CFG Finance.
The deal has two parts. T2S will raise 350m dirhams in new money by issuing new shares. It will also sell 750m dirhams worth of existing shares, allowing private equity firm Helios Investment Partners to reduce part of its stake. Helios invested in the company in 2021. Founder and Chief Executive Dr Abderraouf Sordo will remain one of the company’s main shareholders.
T2S is valued at 4.86bn dirhams. The company expects to make 2.14bn dirhams in revenue this year, with 434m dirhams in operating profit and 241m dirhams in net profit. It hopes to increase revenue to 4.17bn dirhams by 2030.
The company says 46% of its income comes from recurring business. Around 70% of its revenue comes from private healthcare. It works with more than 1,500 customers, sells about 8,000 medical products, and operates in more than 20 African countries.
Dr Abderraouf Sordo founded T2S in 1992. The company has grown from a medical equipment distributor into a healthcare technology group with four subsidiaries: Techniques Science Santé (T2S), IM Alliance, Cyclopharma, and Binarios.
Its business includes supplying, installing and maintaining medical equipment. It also makes radiopharmaceutical tracers through its Casablanca based subsidiary Cyclopharma. The group works with companies including GE HealthCare, BioMérieux, Accuray, and Boston Scientific.
T2S plans to open a second cyclotron facility in Fez by 2028. The new site will double its production of PET imaging tracers and expand supplies across northern and eastern Morocco.
The company is also developing new treatments for neurology and theranostics. Its technology arm, Binarios, is building artificial intelligence tools to help radiologists read medical images more accurately.
