Moroccan medical technology company T2S Group Holding began trading on the Casablanca Stock Exchange on Monday after raising nearly MAD 1.1 billion ($120 million) in an initial public offering that was oversubscribed 43 times.
The offering, the first IPO on the Casablanca Stock Exchange in 2026, attracted more than 110,000 subscribers, reflecting strong investor demand for one of Morocco’s leading healthcare technology companies.
The transaction combined a MAD 350 million capital increase with the sale of MAD 750 million worth of existing shares, bringing the total value of the offering to nearly MAD 1.1 billion.
Shares were priced at MAD 223 each. The IPO included the issuance of 1,569,506 new shares and the sale of 3,363,228 existing shares following approval by Morocco’s Capital Market Authority (AMMC) on July 6. The subscription period ran from July 13 to 17.
The funds raised will support T2S Group’s expansion strategy through 2030, with investments planned in innovation, local manufacturing, artificial intelligence-powered healthcare solutions and expansion across African markets.
Founded in 1992 by Abderraouf Sordo, T2S Group has grown into Morocco’s leading medical technology company, supplying public and private healthcare institutions with medical imaging systems, oncology equipment, laboratory technologies and specialized medical devices.
The group employs more than 410 people and works with about 40 international partners, including GE HealthCare, BioMérieux, Accuray and Boston Scientific.
Beyond distributing medical equipment, T2S has expanded into manufacturing and digital healthcare. Through its subsidiary Cyclopharma, the company produces radiopharmaceutical tracers for nuclear medicine and plans to commission a new cyclotron production facility in Fez in 2028, doubling Morocco’s production capacity. Another subsidiary, Binarios, develops hospital information systems and diagnostic software incorporating artificial intelligence.
T2S reported revenue of MAD 1.76 billion in 2025, with recurring business accounting for 46% of total revenue. The company aims to grow annual revenue to MAD 4.17 billion by 2030, representing an average annual growth rate of 18%.
Already active in more than 20 African countries, with a regional headquarters in Abidjan and operations in Nouakchott, T2S said the proceeds from the IPO will also finance its continental expansion and targeted acquisitions.
The listing continues a period of sustained activity on Morocco’s capital market.
Since 2020, the Casablanca Stock Exchange has hosted 10 initial public offerings raising a combined MAD 11.6 billion. Including capital increases by listed companies, the market has facilitated 52 equity fundraising operations worth about MAD 33 billion over the period, reinforcing its role as a source of long-term financing for Moroccan businesses.
