Cash Plus (BVC:CAP), a Moroccan fintech and payment-services group made its stock-market debut on Monday 8 December 2025 on the Casablanca Stock Exchange (CSE), following an initial public offering that was oversubscribed 64-times.
The IPO, sized at MAD 750 million, attracted a pool of more than 80,700 investors seeking allocation, highlighting significant appetite for the offering.
The IPO comprised a dual operation: a capital increase via 2 million new shares, coupled with the sale of 1.8 million existing shares. The share price was set at MAD 200 per share.
Following allocation, Cash Plus achieved a market capitalization of MAD 4.9 billion, placing it among the more significant listings on the CSE.
The free float at listing; the portion of shares available to public investors, represents approximately 15.5 % of total capital.
Founded in 2004, Cash Plus has grown into a leading player in Morocco’s financial inclusion ecosystem, offering money transfers, payment accounts, bill payments, foreign exchange, and other financial services.
As of mid-2025, the company operated nearly 5,000 service points nationwide, many located in rural areas to reach underserved populations.
Cash Plus also serves a large digital base: several million mobile wallet accounts and a growing user base for its mobile app.
Proceeds from the IPO are earmarked for three strategic pillars: expansion of the physical network, acceleration of digital transformation, including development of a “super-app” and external growth opportunities, including strengthening merchant payment infrastructure.
The listing of Cash Plus, the first fintech to go public on the Casablanca Stock Exchange marks a milestone for Morocco’s capital markets, signaling growing maturity and investor appetite for technology-driven financial services.
It comes in what has already been a busy 2025 for the exchange: earlier this year, Vicenne made a successful IPO, while another major company, SGTM, has its own IPO scheduled around the same time.
The robust demand for Cash Plus shares, with nearly 49 billion dirhams of total subscription value for 750 million offered underscores growing investor confidence in both the fintech sector and the broader Moroccan stock market.
While the IPO success reflects strong demand, the steep oversubscription implies that the vast majority of applicants received no allocation.
Indeed, total demand exceeded supply by a wide margin: 244.16 million shares were requested, but only 3.8 million were allocated, reflecting a satisfaction rate of about 1.56 %.
This low allocation ratio could dampen immediate retail investor sentiment, particularly among small individual subscribers who failed to secure shares.
Further, with a relatively small free float and major shareholders retaining large holdings (the founding families reportedly did not sell shares in the IPO) while a prior investor reduced its stake, the stock’s liquidity and post-IPO trading dynamics may remain constrained, factors that could affect volatility and investor confidence.
Beyond this operation, the Casablanca Stock Exchange continues to strengthen its role as a strategic driver of Morocco’s economic financing. Since 2022, IPOs have raised more than 147 billion dirhams, confirming the growing appeal and maturity of the Casablanca market for both companies seeking funding and investors looking for new opportunities.
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