SGTM secures approval for Casablanca stock exchange listing

Moroccan construction company Société Générale des Travaux du Maroc (SGTM) has received regulatory approval from the Moroccan Capital Market Authority (AMMC) for its initial public offering (IPO) on the Casablanca Stock Exchange.

The IPO, valued at MAD 5 billion (€470 million), is structured across four subscription order types, with share prices ranging from MAD 340 (€31.8) to MAD 420 (€39.3).

The subscription window for shares held by the founding Kabbaj family will run from 1 to 8 December, with the first day of trading scheduled for 16 December. The IPO is intended to strengthen SGTM’s growth strategy, improve access to financing for long-term development, enhance brand visibility across Africa, and reinforce transparency and corporate performance. Employees will also be able to participate more directly in the company’s progress and share in its performance.

Founded in 1971, SGTM is a fully Moroccan family-owned group that has delivered more than 1,000 projects over the past five decades across transport, energy, water, healthcare, industrial, educational, and cultural sectors. The company employs more than 21,000 workers and operates in six other African countries, including Senegal, Côte d’Ivoire, and Burkina Faso.

SGTM’s expansion through the IPO is designed to increase its financial flexibility, supporting ongoing and future infrastructure projects across Africa. The company’s established track record, combined with the capital raised from the listing, positions it to maintain a leading role in the region’s construction sector while enhancing operational scale and efficiency.

The IPO also provides a platform to increase corporate transparency and engagement with investors, aligning the company with international capital market practices while reinforcing its credibility and visibility across the continent.

Discover how SGTM’s IPO will drive construction growth across Africa and support long-term strategic initiatives in the full story.