Moroccan Drugmaker Laprophan Gets Green Light for Casablanca IPO

Moroccan pharmaceutical company Laprophan has received regulatory approval to launch an initial public offering (IPO) on the Casablanca Stock Exchange, targeting approximately $230 million. Morocco’s Capital Market Authority (AMMC) approved the offering, which will combine newly issued shares with the sale of existing holdings by shareholders. According to the prospectus published by the regulator, Laprophan plans to issue 4.1 million new shares and offer up to 2.41 million existing shares at a subscription price of approximately $35 each. The subscription period is scheduled to run from November 9 to November 17. The IPO will provide investors with an opportunity to acquire a stake in one of Morocco’s pharmaceutical companies while giving Laprophan access to public capital markets through the share issuance component of the transaction.