Cash Plus: AMMC Greenlights MAD 750 Million IPO on Casablanca Exchange, Valuing Fintech Leader at MAD 4.5 Billion

Moroccan fintech equities | IPO pipeline expansion | digital payment growth catalysts | emerging market inclusion opportunities

The Autorité Marocaine du Marché des Capitaux (AMMC) has granted regulatory clearance for Cash Plus’s initial public offering (IPO), marking a milestone in Morocco’s burgeoning fintech sector and injecting fresh liquidity into the Casablanca Stock Exchange amid its +32% YTD MASI surge. This debut—targeting a MAD 750 million raise—positions the electronic money institution as a high-conviction play for global funds seeking exposure to North Africa’s digital payment revolution, with post-IPO free float at 15.5% and a compelling 4.5% dividend yield.

As Morocco accelerates financial inclusion under the 2026 Finance Bill’s OPCC framework—bolstered by Bank Al-Maghrib’s recent monetary easing signals—the IPO underscores Casablanca’s maturation as an EM listing venue, channeling domestic savings into scalable innovators while offering foreign institutional investors a gateway to fintech alpha in a market where AUM has ballooned 150% over the decade.

IPO Mechanics: Capital Raise and Valuation Anchors

The offering encompasses a MAD 750 million total, with MAD 400 million sourced via a capital increase at a subscription price of MAD 200 per share—implying a post-money equity valuation of MAD 4.5 billion for the group’s net worth. Proceeds will predominantly fuel expansion initiatives, enhancing Cash Plus’s role in Morocco’s cash-to-digital transition amid rising mobile money adoption.

Underwriting falls to the market’s core syndicate of established operators, ensuring efficient execution and broad distribution to qualified investors. The structure minimizes dilution while elevating visibility, aligning with AMMC’s OPCVM reforms that pave the way for ETF inclusion and Sharia-compliant wrappers—tailored for ESG and Islamic finance mandates.

Operational Footprint: Franchise-Led Network and Urban Dominance

Cash Plus operates a vast distribution ecosystem of 4,900 points-of-sale, 87% franchised for scalable growth and cost discipline, with 77% embedded in urban hubs to capture high-velocity transaction volumes. This network—integral to Morocco’s payment infrastructure—positions the firm to leverage regulatory tailwinds, including Chari’s recent BAM payment license, amplifying synergies in B2B and consumer fintech corridors.

Forward Guidance: Robust Projections Signal Earnings Momentum

Management forecasts a 2025 product net banking income (PNBI) of MAD 878 million, advancing 15.7% from 2024, alongside a group-attributable net profit (RNPG) of MAD 237 million—up 21% YoY. These metrics underpin attractive multiples: a forward P/E of 19x for 2025 tapering to 16.5x in 2026, complemented by a projected 4.5% dividend yield that rewards income-oriented strategies in a low-rate environment (BAM interbank at 2.25%).

Timeline and Market Integration

The subscription window spans November 19–25, 2025, with first listing targeted for December 8—coinciding with Casablanca’s heightened seasonal liquidity and aligning with the exchange’s USD 103 billion capitalization milestone. This cadence affords early positioning for funds eyeing post-IPO rerating, particularly as M3 growth moderates to 7.8% in September, fostering stable funding conditions.

Investment Case: Fintech Convexity in Morocco’s USD 100B+ Marketplace

For global allocators, Cash Plus embodies Morocco’s fintech inflection—blending 20%+ earnings growth with defensive network effects in a sector projected for 25% CAGR through 2030, driven by remittances and e-commerce. At 16.5x 2026 P/E, the IPO offers a valuation discount to EM fintech peers, with free float ensuring depth for institutional flows. Amid reserves at MAD 429 billion and NPL ratios at 8.6%, this listing reinforces Casablanca’s allure as a low-vol EM hub, ideal for satellites blending yield (4.5%) and innovation upside.