Moroccan pharmaceutical company Laprophan has received regulatory approval to launch an initial public offering (IPO) on the Casablanca Stock Exchange, according to the country’s capital markets regulator, AMMC.
The offering aims to raise 2.22 billion dirhams, equivalent to about 230 million dollars, through a capital increase and the sale of existing shares, according to a prospectus published on the regulator’s website.
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Laprophan plans to issue 4.1 million new shares, while existing shareholders will offer up to 2.41 million shares at a subscription price of 341 dirhams per share.
The subscription period is scheduled to run from November 9 to 17.
Reuters
