SGTM’s stock market debut drew record overall demand at the Casablanca Stock Exchange on Tuesday, with investors seeking 34 times the shares on offer, exchange officials said.Mohamed Saad, the exchange’s deputy chief executive, said more than 171,000 subscribers took part in the initial public offering, making it one of the broadest retail participations recorded on the market. He described the listing as a civic act and a signal of confidence.
He said the IPO was oversubscribed 34 times and that allocations were limited, with a satisfaction rate of 2.94 percent. He said the operation set a record for the exchange.
Saad, speaking at the first trading ceremony, said the level of mobilization had not previously been reached on Morocco’s equity market.
The company, Société générale des travaux du Maroc, is a construction group. Details on the offer price and proceeds were not included in the ceremony figures.
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