In short
- Oversubscription: demand is higher than the offer.
- The investor then receives only part of what they asked for.
- The exact rules are set for each offer, in the prospectus.
The idea
When an offer is oversubscribed 64 times, demand is 64 times the amount on offer. According to the press, Vicenne and Cash Plus reached this level in 2025. SGTM’s listing was reported as oversubscribed 34 times.
A simple calculation
Made-up example, with a purely proportional allocation:
| Data | Value |
|---|---|
| Shares offered | 1,000,000 |
| Shares requested | 64,000,000 |
| Allocation rate | 1 ÷ 64, or about 1.56% |
| Your request | 1,000 shares |
| Your allocation | About 15 shares |
Why reality is often different
- Categories: individuals, employees and institutions may each have their own share.
- A minimum: an offer may give each investor a first number of shares.
- Limits: the amount requested may be capped per investor.
- Rounding: it can change the final result.
What happens to the money
When you subscribe, the amount requested is generally blocked. After allocation, the unused part is returned according to the terms of the offer. Made-up example: 1,000 shares at 200 dirhams block 200,000 dirhams. With 15 shares allocated, 3,000 dirhams are used and the rest is returned, apart from any fees.
What not to conclude
- Strong demand does not guarantee a rise after listing.
- Borrowing to subscribe adds risk and cost. The rules of the offer must be followed.
- A high number of investors says nothing about the company’s strength.
Frequently asked questions
Where can I find the allocation rules?
In the prospectus approved by the AMMC. See our guide on reading a prospectus.
Where can I see the results of the offer?
They are published after the offer closes, notably by the Casablanca Stock Exchange, and reported by the press.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
