Managem IPO fulfils it promise
(MEBG) – The initial public offering on July 11on the Casablanca Stock Exchange of shares of Managem, a subsidiary of the ONA group, has been deemed a real success. Some 2,126,930 shares were distributed, or 25 percent of the capital, at a share price of 551 dinars.
The IPO also attracted outside investment. Some 54 foreign institutional investors managed to acquire 160,841, on a demand of 1,970,083, which means a satisfaction rate of 8 percent.
Managem closed it first quotation day with a bid of 850 dinars.
Mourad Cherif, president of the ONA group, draw few conclusions from this IPO. For one, he said, there exists in Morocco substantial savings that are ready to be used for quality investments. The general lack of diversity for investments in Morocco and their decreasing, he said, makes the stock market an attractive alternative.
The come back of the institutional investors that was witness with the Managem IPO, Cherif noted, is a signal for return of the confidence in the Moroccan economy and in the potential of the Casablanca Stock Exchange.