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Leading Moroccan medical technology company T2S Group Holding aims to raise MAD 1.1 billion ($118m) through a initial public offering (IPO) of shares which opened on 13 July and closes at 15:30 Moroccan time (UTC+1) on 17 July.
If all goes well, it will list on the Bourse de Casablanca on 27 July. It will be the first listing on the exchange in 2026, after overwhelming demand for IPOs in 2025. The previous listing was Société Générale des Travaux du Maroc (SGTM), you can read our story about the SGTM IPO which was 34 times (x) oversubscribed. SGTM was the 80th company listed on the Casablanca Stock Exchange. Before that were fintech Cash Plus in December and healthcare group Vicenne in July 2025 – read our story here.
The Moroccan regulator Autorité Marocaine du Marché des Capitaux (AMMC) gave its approval on 6 July. The prospectus, including a summary prospectus in English, can be found on the AMMC website.
The total offer is 4.9 million shares at MAD 223 each. The T2S investor website is here.
The offer includes 1.57m shares to raise MAD 350m ($37m) of new capital, plus the sale of 3.36m existing shares worth MAD 750m ($80m) by Trone Investment Holdings, an investment vehicle of British private equity group Helios Investment Partners according to this story on Moroccan website Le Canard Libere. Trone will remain the biggest shareholder after the IPO with 42% and the free float will be some 23% of the share capital.
Capital raised in the IPO is to finance construction of a second cyclotron production unit in Fez, further installation of in-vitro diagnostic equipment at several sites to test biological samples, modernising the IT and strengthening cybersecurity. The group’s 2026-2030 investment programme totals MAD 336m.
Financial advisor and global coordinator is CFG Finance, and lead manager of the placement syndicate is CFG Marchés with Upline Securities as co-lead manager. The placement involves 24 Moroccan banks and brokerage firms.
Growth history
Abderraouf Sordo founded Technique Science Santé group in 1992, according to this story on African Markets, and it has rebranded to T2S. It supplies, installs and maintains advanced medical equipment, including imaging, oncology, operating theatres, lab diagnostics, nuclear medicine and digital hospital systems. It supplies medical technology equipment for leading companies including Siemens Healthineers and Carl Zeiss Meditec.
It built a leading position in Morocco and has since expanded to over 20 African countries. The group subsidiaries are T2S and IM Alliance (distribute and maintain medical equipment and diagnostic devices), Cyclopharma (radiotracers and radiopharmacy products) and Binarios (hospital digital systems). Its international partners include GE Healthcare.
In 2021, the Helios Investors IV fund and the Trone investment vehicle helped restructure T2S by consolidating its four operating subsidiaries under a single holding company, acquiring a controlling stake of nearly 62%.
In May 2026 T2S signed a partnership with GE Healthcare and the Mohammed VI Foundation for Sciences and Health to advance innovation, training and precision medicine, according to this story on Mugglehead website. The planned Fondation Mohammed VI Innovation Hub for advanced imaging in cardiology and theranostic oncology, specialised one-stop clinics for prostate and breast cancer and advanced PET (Positron Emission Tomography) imaging for Alzheimer’s, cancer and heart disease.
The group has enjoyed growth. Consolidated revenue was MAD 1.76bn ($118m) in 2025, up from MAD 1.51bn in 2024, EBITDA (earnings before interest, tax, depreciation and amortization) was MAD 388m up from MAD 276m, and consolidated net income was MAD 211m, up from MAD 78m in 2024.
Forecast to 2030
The five-year business plan to 2030 projects compound annual growth of 18% a year (up from 13% a year over 2023-2025) with revenue forecast to MAD 4.17bn, EBITDA at MAD 1.0bn and net income at MAD 607m in 2030. Growth will come from radiology and oncology, medical devices, solutions for operating rooms, in-vitro diagnostics and after-sales services. The group has turnkey projects to install oncology centres in Côte d’Ivoire, Mali and Senegal.
According to the African Markets report, the founding executives remain bound by a shareholders’ agreement which includes a lock-up period when they cannot sell their shares of up to three years. The T2S directors are offering shares to Sordo at 20% discount to the IPO price, subject to the completion of the IPO.