CFG Bank's IPO was, unsurprisingly, a great success with investors. According to several members of the underwriting syndicate, data collected on Thursday, a few hours after the close of subscriptions, indicates that the operation was oversubscribed between 25 and 30 times by an estimated 20,000 investors. This figure could change in either direction once all orders have been processed.
According to market operators, the first tranche has been subscribed more than 50 times.
These preliminary figures make the CFG Bank IPO more popular than Marsa Maroc's privatization.
CFG Bank thus becomes one of the biggest success stories in the recent history of the Casablanca Stock Exchange.
By way of comparison, TGCC's IPO, considered to be the most popular of the last six years, attracted 11,800 investors and was 22 times oversubscribed. The construction specialist was also looking to raise 600 million dirhams.
More recently, Akdital's 1.2 billion dirham IPO attracted 8,225 investors and was oversubscribed 3.8 times.