SGTM, one of Morocco’s most prominent construction and infrastructure firms, is preparing to take a major step in its growth trajectory with a planned listing on the Casablanca Stock Exchange. On November 17, 2025, the company secured regulatory approval from the Moroccan Capital Markets Authority (AMMC) to proceed with the IPO through a share sale. The operation, registered under reference VI/EM/037/2025, will involve the sale of 20% of SGTM’s capital and could generate up to 5.04 billion dirhams.
Unlike a traditional capital raise, this IPO will be conducted entirely through the sale of shares currently held by the Kabbaj family—the company’s founders and long-standing majority shareholders. The move signals not just a transition for SGTM but also an opening for a wider public to invest in a legacy Moroccan enterprise that has remained entirely domestically owned since its founding in 1972.
The subscription period for the offering is scheduled to run from December 1 to December 8, 2025, closing at 3:30 PM GMT+1. The shares will be available for purchase across all participating bank branches and brokerage firms included in the placement syndicate. The first day of trading on the Casablanca Stock Exchange is slated for December 16.
In an effort to ensure broad market participation, SGTM has structured the offering into four distinct order categories, each with its own pricing strategy. Employees and retirees of SGTM eligible for Type I orders will benefit from a discounted price of 340 dirhams per share—a 19% reduction compared to the benchmark price. Type II orders, open to the general public with no minimum investment requirement, are priced at 380 dirhams per share. Type III orders are intended for high-net-worth individuals and institutional investors willing to purchase at least 11,905 shares, equivalent to an investment of 5 million dirhams; these are priced at 420 dirhams. Type IV orders, also priced at 420 dirhams, target mutual funds and foreign investors.
This IPO marks a pivotal moment in SGTM’s history and is expected to solidify its position in the national and regional construction markets. With over 1,000 large-scale projects completed across sectors including transportation, energy, water, healthcare, education, and culture, SGTM has built a reputation as a key player in Moroccan infrastructure. By the end of 2024, the group employed more than 21,000 people and operated a fleet of 2,500 machines.
SGTM’s reach extends well beyond Morocco’s borders, with ongoing operations in six African countries including Senegal, Côte d’Ivoire, and Burkina Faso. This regional expansion has become a cornerstone of the company’s growth strategy.
The company’s financials further reinforce its strong market position. As of May 2025, SGTM reported an order backlog of 37 billion dirhams and aims to secure 15 billion dirhams in new contracts annually by 2028. Projected revenue for 2025 stands at 14.3 billion dirhams, with ambitions to grow that figure to nearly 20 billion dirhams by 2031.
This year, SGTM expects its net consolidated profit to surpass the 1 billion dirham mark for the first time—a major milestone that reflects the company’s stable profitability. It is targeting a compound annual growth rate of 9.4% through 2031, with a consistent net margin of around 9%.
The IPO is being managed by Attijariwafa bank’s investment banking division, with Attijari Intermédiation acting as lead underwriter. Co-lead managers include BMCE Capital Bourse, CFG Bank Capital Markets, Saham Capital Bourse, and Upline Securities.
