T2S Group: A 1.1 billion MAD IPO

July 2026 is a pivotal period for the Casablanca Stock Exchange, which will welcome its first new listing of the year during this month.

Indeed, the IPO of T2S Group Holding was authorized on Monday, July 6, as shown by the green light given by the Moroccan Capital Market Authority (AMMC), which informed the public of the approval granted to the prospectus relating to the company’s stock market listing, chaired by Abderraouf Sordo, under reference VI/EM/021/2026.

The approval from the capital markets regulator in a way accelerated the organization, at the Casablanca Stock Exchange, of a presentation meeting for the IPO of the medtech leader in Morocco. This fast-growing sector in the Kingdom includes hardware and software innovations applied to health, such as implantable medical devices, imaging, connected objects, and telemedicine.

After presenting the DNA of his structure, shaped by research, innovation, and scientific excellence, Abderraouf Sordo, CEO of T2S Group Holding, explained the reasons behind the stock market listing.

“The IPO is not the result of chance; it is 35 years of hard work and personal investment. This listing is a crowning achievement, but it is not an end, because it is a new chapter we want to write,” he said.

He added: “The IPO will allow T2S Group Holding to strengthen its position across the national territory and especially to expand in sub-Saharan Africa, where it has been present for 25 years, through a structured network.”

It should be noted that the stock market listing, which will strengthen T2S’s financial base, will also open new prospects for high-quality partnerships for the group.

In short, the IPO will support the company’s growth, notably through the consolidation of its historic and recurring activities, the development and marketing of new product ranges, support for the growth of the health sector in Africa, as well as external growth.

More than a distributor

With more than three decades of experience, the T2S group, which stands out in Morocco and Africa, in more than 20 countries, in the field of integrated medical technology, distributes, installs, and maintains high-tech equipment, solutions, and services intended for healthcare professionals.

Even better, the structure, which relies on four specialized subsidiaries, produces medicines and IT solutions for the integration and communication between medical equipment, thus contributing to the Kingdom’s health sovereignty.

In the field of radiopharmaceutical production, it should be noted that it has a cyclotron production unit in Casablanca.

This infrastructure, still rare in Morocco, only two in total, is a driving force for the progress of local nuclear medicine and scientific research.

The medtech leader plans to double its production capacity in this area with the opening of a second unit in Fez in 2028.

That said, the group’s mission, built on a diversified portfolio of products and services, including more than 8,000 references, is to support the entire technological care pathway, from initial diagnosis to therapy, from new equipment to maintenance throughout its entire lifecycle.

Concretely, the company, founded nearly 35 years ago, works with several international manufacturers, including GE Healthcare, Accuray, Zeiss, BrainLab, B. Braun, and others, allowing it to cover the fields of medical imaging, radiotherapy, surgery, instrumentation, and diagnostics.

Structure of the transaction

The IPO, for which CFG Finance is the financial advisor and coordinator, involves both a capital increase and a share sale. Its amount reaches almost the symbolic threshold of 1.1 billion MAD, or exactly more than 1.09 billion MAD.

The offer price was set at 223 MAD per share, for a nominal value of 50 MAD. In total, 3,363,228 shares will be sold, representing a total amount of more than 749 million MAD, while 1,569,506 new shares will be issued as part of the capital increase, for an amount of more than 349 million MAD.

The subscription period runs from July 13 to July 17, inclusive until 3:30 p.m., and the date of the first listing is set for July 27.

Beyond the transaction, which is expected to be well received by investors, the group’s financial indicators, business plan, and growth prospects were the focus of the meeting held on Monday, July 6, at the Casablanca Stock Exchange.

Positive financial indicators

Over the 2023–2025 period, the analysis of the group’s main consolidated indicators shows, among other things, an average annual increase of 13.3% in consolidated revenue, driven by the positive performance of all seven business segments of the group.

This is accompanied by an average annual increase of 26% in operating profit before operating provisions. For illustration, the company’s consolidated revenue, which employs more than 400 people, rose from more than 1.5 billion MAD in 2024 to more than 1.7 billion MAD in 2025.

In addition, over the 2023–2025 period, there was also an average annual increase of 62.6% in net income for the consolidated group, coupled with stronger equity and an average annual decrease in net debt of 36.2%.

That said, over the 2023–2025 period, it is important to note that the private sector represents on average 74.1% of T2S Group’s consolidated revenue, and the group also has more than 1,500 clients served since 1992.

Promising prospects

Regarding growth prospects for the coming years, Sordo says he is confident. This optimism is all the more justified because, according to projections, the dynamism of the Moroccan medtech market is expected to accelerate.

The sector is expected to record average annual growth of 12% by 2030, driven by the growing structuring of the private sector, the expected catch-up of the public sector following government announcements, as well as the revision of medical pricing, which will soon be approved.

It is useful to note that the medtech market, estimated at around 10 billion MAD in 2025, recorded average annual growth of 11.6% over the 2019–2025 period.

As for T2S Group’s pre-money business plan assumptions, note that consolidated revenue is expected to grow at a compound annual growth rate (CAGR) of 18.0% over the 2026–2030 period, reaching more than 4.1 billion MAD in 2030, compared with a CAGR of 13.3% over the 2023–2025 period.

Ultimately, note that at the end of its IPO, at a price of 223 MAD per share, T2S Group will be valued at more than 4.8 billion MAD.