An IPO (Initial Public Offering) is when a private company opens up to the public by listing its shares on the stock exchange for the first time. For you as an investor, it's the opportunity to buy shares at their issue price, before the market values them itself.
In Morocco every IPO is regulated by the AMMC and follows a strict timeline. This guide walks you through how to participate and what to check before committing your money.
What exactly is an IPO?
An Initial Public Offering is the operation by which a private company sells part of its capital to the public on the Casablanca Stock Exchange. In practice:
The company wants to raise capital to fund growth, projects or repay debt. It sets an issue price (e.g. 1,200 MAD per share). It opens a subscription window during which retail and institutional investors can place orders. Once the window closes, shares are allocated to subscribers and listed a few days later on the secondary market.
Why take part in an IPO?
From the company's side
More capital for growth. More visibility with the public, investors and the press. More credibility thanks to the audit, governance and transparency that listing requires.
From the investor's side (yours)
You buy shares at the issue price, often discounted to the estimated fair value. You become a shareholder from day one and capture all future growth potential. You sometimes benefit from retail-specific perks (reserved tranche, preferential pricing, loyalty bonus).
Heads-up: an IPO is not guaranteed to be profitable. Some drop on day one. Always study the prospectus before subscribing.
The stages of a Moroccan IPO
1. Internal preparation
The company prepares its audit, sometimes restructures governance, and picks advisors: brokerage, banks, lawyers, statutory auditors.
2. Choice of market
The company picks its listing compartment on the Casablanca Stock Exchange based on size (Main Market, Alternative, etc.).
3. Prospectus publication
This is THE document to read. Approved by the AMMC, it covers everything: activity, accounts, governance, risks, terms of the offer, price, schedule, planned allocation.
4. Subscription window
Investors send their orders during a window typically lasting 7 to 14 days. Retail investors go through their broker (or directly via a platform like Nommo).
5. Allocation
Demand often exceeds supply — that's an oversubscription. Allocation then follows a predefined method (see below).
6. Official listing
A few days after allocation, shares hit the secondary market. From that moment, the price moves freely with supply and demand.
Before you subscribe: your checklist
Read the prospectus in full, especially the risk factors.
Have the cash ready: the amount must sit on your account before the window closes. An order without funds is rejected.
Check the price range: some IPOs are at a fixed price, others at an open price (you set the maximum you'll accept).
Understand which tranche you fall in: the prospectus says how much is reserved for retail, how much for institutionals, and the allocation rules per tranche.
Know the tax: 15% on listed-share capital gains (2025 rate), 12.5% on future dividends.
How are shares allocated?
When an IPO is oversubscribed, the issuer applies a method described in the prospectus. The three main ones:
Pro-rata allocation
Every subscriber gets a uniform percentage of what they ordered.
**Example: IPO oversubscribed 4× → everyone gets 25% of their order.
Iterative allocation
Each subscriber receives 1 share in rotation until the pool is empty.
**Advantage: very equal — favours small investors.
Qualitative allocation
The placement syndicate applies selection criteria (investor type, geography, seniority…). Moroccan funds are sometimes prioritised.
The method is always specified in the prospectus. Read it before sizing your order.
After the IPO: what happens?
You're now a shareholder
You enjoy three core rights: Dividends if the company distributes profits. Vote at General Meetings (proportional to your holding). Information: financial reports, regulated press releases, corporate actions.
You can resell freely
Your shares hit the secondary market from day one of trading. You can resell any time, at whatever price a buyer is present (subject to liquidity).
Track your investment
Follow the quarterly and annual results. Read the corporate actions announced (dividends, capital increases, etc.). Watch out for major events (CEO changes, mergers, profit warnings).
IPOs on Nommo
On Nommo you can: track ongoing Moroccan IPOs with the full calendar. Read the prospectus straight from the app, no PDF hunting. Subscribe in a few taps once the window opens. See your allocation results in your portfolio as soon as the window closes.
To understand the full process, also read our guides on the primary vs secondary market, our financial glossary, and our piece on documents to read before investing.