Cash Plus began trading on the Casablanca Stock Exchange on Monday after completing an initial public offering worth 750 million dirhams that drew strong demand from investors.
The offering was oversubscribed about 64x and attracted close to 81,000 subscribers, highlighting renewed appetite for equity listings and growing interest in financial technology companies in Morocco. Cash Plus trades under the ticker CAP.
The listing adds to a busy year for Morocco's stock market. Earlier in 2025, Vicenne completed an IPO that helped revive primary market activity. Construction group SGTM is also preparing to list up to 20% of its capital, with a potential deal size of 5.04 billion dirhams, following the close of its subscription period on December 8.
Founded in 2004, Cash Plus has grown into a key player in Morocco's financial services sector, with more than 5,000 service points nationwide, many in rural areas. The company operates a hybrid model that combines a physical network with digital services. Since receiving a payment institution license in 2019, it has expanded into bill payments, money transfers, and the distribution of government social assistance to more than 1.5 million households.
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Proceeds from the IPO include 400 million dirhams from a capital increase and will be used to expand its network, invest in digital products, and pursue acquisitions.
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Key Takeaways
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 147 billion dirhams, 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.
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