Total Maroc, which is owned by France’s Total, plans to raise between MAD 612 million (USD 62 million) and MAD 720 million (USD 73 million) in an initial public offering (IPO), according to Morocco’s financial market authority CDVM.
Total Maroc commercialises around 1 million tonnes of energy products annually and has more than 270 service stations across Morocco, with about an 11% market share.
The stock offering would be the first in Morocco in 2015 and could help revive Casablanca’s stock market, which has been affected by the Eurozone crisis.
The company will sell 1.34 million shares, representing 15% of its total shares, which it has been priced between MAD 455 (USD 46) and MAD 535 (USD 54) per share. The offering is expected to launch between 11 May and 15 May. Total Maroc shares will be listed on the first tier of the Casablanca Stock Exchange.
Last year, parent Total SA sold a 30% stake in Total Maroc to the Saudi Zahid Group for an undisclosed sum. Total and Zahid Group are partners in Saudi Arabian lubricants producer Saudi Total Lubricants Ltd.