Morocco’s stock market is enjoying a moment in the spotlight as World Cup-driven spending feeds investor appetite and lifts equities. That dynamic was on display this week when one of the kingdom’s largest construction firms, deeply involved in preparations for the 2030 FIFA World Cup, made a strong stock market debut.
Shares in Societe Generale des Travaux du Maroc (SGTM) jumped by the daily trading limit of 10% on Dec. 16 after the construction firm raised roughly $550 million from its initial public offering, underscoring demand in a market that has featured few new listings in recent years.
The IPO comes amid a promising year for the Casablanca Stock Exchange, whose main shares index is up around 25% year to date — ahead of many Middle Eastern peers — and as Morocco pours money into infrastructure ahead of co-hosting the world’s biggest sporting event alongside Spain and Portugal.
Details: SGTM’s IPO, priced at 420 dirhams per share, is the second-largest listing in the Casablanca Stock Exchange’s history, trailing only Maroc Telecom’s 2004 flotation. The offering drew robust interest, with demand estimated at more than 34 times the shares on offer, attracting participation from over 170,000 subscribers.
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