Moroccan packaging company GPC Carton, a subsidiary of the conglomerate Ynna Holding, is preparing to take a decisive step by launching an initial public offering (IPO) on the Casablanca Stock Exchange. The project, now at an advanced stage, remains subject to approval from the Moroccan Capital Markets Authority (AMMC). In a fast-growing sector, the transaction combines industrial ambition, innovative financing, and governance requirements.
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The group has already sent a strong signal by executing a green securitization in July 2025, worth 250 million dirhams (around €23.5 million). Structured through the FT Novus Green Pack fund and backed by the company’s trade receivables, the issuance received AMMC approval on July 17, confirming rising investor appetite for instruments aligned with ESG standards. GPC is thus positioning itself within a momentum where environmental transition is both a financial and industrial driver.
At the same time, Ynna Holding has committed more than 800 million dirhams (around €75 million) to strengthen GPC’s capacity. In Kénitra, 300 million dirhams have been invested in a new paper and cardboard recycling facility, designed to secure local supply and reduce reliance on imports. In Meknès, a project worth around 180 million dirhams is under study to build a new packaging unit, focusing on corrugated cardboard and converted papers. This strategy seeks to expand the company’s product offering and meet the upgrading demand from both domestic and export markets.
The Moroccan paper and cardboard packaging ecosystem generated nearly 7 billion dirhams in revenue in 2023 (around €660 million). Production has doubled over the past 15 years, driven by the growth of the agri-food sector and the rise of exports. In 2024, Morocco became the leading exporter in the MENA region for corrugated papers and cartons, consolidating the country’s status as a key regional supplier.
The success of the IPO will depend on the timetable and modalities outlined in the prospectus submitted to the AMMC: capital increase size, price range, and subscription calendar. The Casablanca Stock Exchange has seen a revival in primary activity in 2025, notably with Vicenne’s IPO, which raised nearly 500 million dirhams. Yet, selectivity remains high: investors are looking for strong fundamentals and clear governance, particularly in a context where ESG criteria are gaining prominence.
If finalized, GPC Carton’s listing would confirm the reopening of the Moroccan IPO market after several years of caution. It would also symbolize the rise of a national player capable of turning the packaging industry into a lever for both industrial sovereignty and environmental transition.
