Thousands of investors rushed to buy shares in T2S Group as the healthcare technology company’s stock market debut attracted almost 44 times more demand than the number of shares available. Investors placed orders worth nearly MAD 48 billion for an offer valued at MAD 1.1 billion, according to technical results released during the company’s first trading day on the Casablanca Stock Exchange on Monday.
The IPO was 43.75 times oversubscribed. Investors requested 215.8 million shares, but only 4.9 million shares were allocated.
Shares were sold at MAD 223 each. Investors received just 2.29% of the shares they applied for on average, with each subscriber allocated about 17 shares.
The offer attracted 111,149 subscribers, making it the first IPO of 2026 and one of the biggest in recent years by the number of investors.
Retail investors made up almost all subscribers. A total of 110,015 individuals applied for shares worth MAD 19.68 billion. Their average allocation rate was 3.42%.
Investors from 79 nationalities also took part in the offer.
CFG Bank Chief Executive Younès Benjelloun said the number of retail investors makes the T2S IPO one of the three biggest share sales in recent market history, after SGTM and Maroc Telecom.
Demand came from every region of the country. Casablanca recorded nearly 54,000 subscribers, followed by Rabat-Salé with around 18,000, Fès-Meknès with 10,900, the Oriental region with 7,390, Tangier-Tetouan with 6,390, Marrakech with about 4,800, and Souss-Massa with nearly 4,500.
Foreign investors also showed strong interest, applying for between MAD 3 billion and MAD 3.5 billion worth of shares. That was roughly three times the size of the offer.
The IPO raised MAD 1.1 billion through a mix of new shares and the sale of existing ones. The money will help fund T2S Group’s growth while giving some long-time shareholders a chance to sell part of their stakes.
The listing is also the first stock market exit for private equity firm Helios, the group’s majority shareholder. CDG invested in T2S in 2016 before Helios took over in 2021 and helped turn the company’s separate businesses into one integrated group.
T2S has become the 81st company listed on the Casablanca Stock Exchange. The market aims to reach 100 listed companies in the medium term. The exchange had around 75 listed companies in the early 1990s before falling to about 45 after a wave of delistings following reforms in 1993.
T2S is now the third healthcare company listed on the exchange. The company sells medical equipment, integrates clinical technology, provides maintenance services and generates recurring income through service contracts.
Buying pressure remained strong after trading opened.
Buy orders made up 83.6% of the order book, compared with 16.4% for sell orders. The theoretical opening price reached MAD 301.05, well above the reference price of MAD 223 and the exchange’s upper daily limit of MAD 267.55, triggering an automatic trading halt as demand exceeded the maximum allowed price increase.
