More than 37,500 investors took part in the stock market debut of Vicenne, marking one of the highest levels of participation ever recorded for an initial public offering in Morocco. Trading began on June 30, 2025, on the Casablanca Stock Exchange, following the green light from market regulators.
Vicenne’s journey began back in 2004 when the company operated under the name Best Health. Over the years, it has grown into a key player in Morocco’s healthcare sector. Today, the group’s activities span five distinct areas, from heavy medical equipment to medical waste management. Its operations extend beyond Moroccan borders as well, with a presence in Senegal and Côte d’Ivoire, where it has been rolling out its integrated business model designed to meet the needs of both public and private healthcare providers.
Several factors are fueling this momentum. Morocco’s healthcare landscape is undergoing profound changes, driven by the rollout of universal mandatory health insurance, the rapid growth of private healthcare services, and the pressures of an aging population. The numbers highlight this upward trend. Between 2022 and 2024, Vicenne’s revenue jumped from 582 million dirhams to 837 million dirhams. In 2024, the company posted an EBITDA of 174 million dirhams and a net profit of 91 million, translating to a net margin of 10.9%. The lion’s share of revenue—60.3%—comes from medical equipment, while consumables account for 27.8%.
This stock market listing represents a pivotal moment for Vicenne as it seeks to fuel its expansion plans. The group aims to invest between 700 million and 1 billion dirhams in targeted acquisitions that will broaden its portfolio and speed up its growth. At the same time, Vicenne is stepping up its international presence through its subsidiaries MTS in Senegal and IVOCARE in Côte d’Ivoire, underscoring its ambition to become a regional healthcare powerhouse.
