The share price of Moroccan fintech firm Cash Plus has soared 61% in five days of trading after it listed on the Bourse de Casablanca last Monday 8 December. It listed on the “Principal F” compartment of the Casablanca Stock Exchange after scoring an outstanding success and achieving 65 times oversubscription on its offer, which raised the target MAD 750 million (nearly $82m).
Its recent initial public offering (IPO) offered 3.8m shares for sale at MAD 200 each. The shares (ticker CAP) started trading at MAD219.95 each and they closed on 12 December at MAD 321.90 each, according to the Bourse Bulletin, up 61% compared to the offer price.
Cash Plus had run an IPO from 19 to 25 November consisting of 2m newly issued shares, raising MAD 400m in new capital, and the sale of 1.8m existing shares. The share offer attracted 80,759 subscribers with a subscribed amount of MAD 48.8bn, according to the offer results notice from the Bourse de Casablanca.
The bulk of the IPO was for institutional investors and high-net worth individuals buying a minimum of 15,000 shares each, there was also 38% for the general public, both at MAD200 each, and 5% of shares to company employees at MAD 160 each. See our story on the IPO.
The Advisor and Global Coordinator is CFG Corporate Finance and the Co-Financial Advisor is Valoris Corporate Finance
About Cash Plus
Cash Plus was founded in 2004 and has become a key player in financial services accessibility in Morocco. According to its website, it operates over 5,000 points of sale and employs 8,000 people directly and indirectly. Cash Plus claims 2m daily users in Morocco and net profits of $23.5m according to this story on African Business website. Many of its points of sale are in rural areas.
It offers money transfers, bill payments, foreign exchange and payment accounts. It is developing digital tools to make everyday financial services more accessible and offers services and parcel delivery through a network of physical branches and a mobile app. It will use the MAD 400m IPO proceeds to accelerate into mobile and online platforms.
Exit Mediterrania
Private equity firm Mediterrania Capital Partners, focused on growth investments in small and medium enterprises (SMEs) across North Africa and Sub-Saharan Africa from a head office in Malta, has used the IPO to exit its stake in Cash Plus.
MCP became a shareholder in Cash Plus alongside Dutch entrepreneurial development bank FMO, and IFC, part of the World Bank Group. Since then Cash Plus has significantly boosted performance, doubled annual revenues and delivered substantial growth in earnings before interest, tax and depreciation (EBITDA).
According to the press release, MCP is playing a key role in expanding digital wallets in Morocco, and it has helped shape Cash Plus’ strategic roadmap for internationalization, including entering new markets and scaling up its operations.
It is MCP’s third exit by IPO after using the same route to exit construction firm Travaux Généraux de Construction de Casablanca (TGCC) in December 2021 and clinic operator Akdital in December 2022.
Hatim Ben Ahmed, Managing Partner at MCP, said: “Two years after our investment, we are proud to have contributed to the development of a true fintech champion. This partial exit aligns with our broader strategy and fully supports Cash Plus’ ambitions for continued product development and expanded geographic reach.”
Nabil Amar, President and CEO of Cash Plus, said: “Mediterrania Capital Partners is an extremely valuable partner. Thanks to their governance reinforcement, strategic guidance and financial support, we have accelerated our growth, strengthened our organisation and reinforced our financial and operational discipline. This partnership has been instrumental in shaping Cash Plus into the strong fintech player it is today, and the IPO is the next step in our long term vision.”
Casablanca bourse key to business finance
According to this article on Daba Finance: “Cash Plus’s listing reflects a broader revival of Morocco’s equity market after several quieter years. Investor demand suggests that local capital is returning to listed equities, supported by stable macroeconomic conditions and limited alternatives for long-term savings.
“The success of recent IPOs shows that the Casablanca Stock Exchange is regaining its role as a funding channel for companies across sectors, from fintech and healthcare to construction and infrastructure.
“Since 2022, listings have raised more than MAD 147bn, pointing to deeper market participation by retail and institutional investors. For fintech firms, the Cash Plus IPO signals growing acceptance of non-bank financial players in public markets. Financial inclusion, digital payments, and social transfers are areas aligned with government priorities, giving such companies predictable demand and policy support.
“The pipeline of upcoming listings, including large industrial groups, could help improve liquidity and sector diversity. If sustained, this momentum may strengthen the exchange’s position as a regional hub and provide Moroccan companies with a credible alternative to bank financing for long-term growth.”
In July, healthcare company Vicenne listed on the Principal F segment of the main market after a flood of demand for its IPO, which was oversubscribed 64 times, with MAD 32bn pledged by 37,674 investors bidding for shares,(including 36,777 individuals and 402 institutional investors. (Bourse de Casablanca links for further information can be found here). The company raised MAD 500m by selling 2.1m shares at a subscription price was MAD 236 per share.
Photo: Casablanca’s historical centre and Hassan II mosque (credit Mehdi33300, Depositphotos)