Deal Summary
On 16 December 2024, CMGP.CAS (CMGP Group), a pan-African provider of agricultural irrigation and water infrastructure solutions, floated 32.4% of its shares through an initial public offering (IPO) on the Casablanca Stock Exchange (CSE). The IPO raised MAD 1.1 billion ($110.3 million), and the proceeds are intended to fund CMGP’s ambitious plans to scale its operations across Africa, focusing on sustainable agricultural and water solutions. This landmark IPO, the third largest in the CSE's history and the first listing of an agricultural group, involved the sale of 4,000,000 existing shares and the issuance of 1,500,000 new shares. The IPO was oversubscribed 37 times, reflecting strong investor confidence, and the share price surged 10% to MAD 219.95 from the subscription price of MAD 200 upon listing. The price has since trended upward, gaining 25% to reach MAD 275.10 as of 19 December 2024.
Key investors sold stakes and reduced their holdings as part of the IPO
- Development Partners International (DPI): 50.6% to 34.2%
- Africa
