Jul 16 2005 |
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Morocco's Lydec IPO Raises Close to $30 Million
Beirut (APD) - Lydec of Morocco, the private operator of water and power services in Greater Casablanca, has raised $29.6 million in its IPO this week after it had set the share price of MD 240, at the high end of the initial 210-240 range, a statement on the Casablanca Bourse said Friday.Lydec (Lyonnaise des Eaux de Casablanca) sold 1.12 million shares at MD 240 each. Demand topped 27.5 million shares on the offer and shares of the utility company are expected to rise considerably when they open on Monday. The company, which will be listed in the big-cap market segment, is the latest in a wave of new listings in Morocco.
"Lydec's IPO had attracted $718 million worth of bids thanks to investors' demand for publicly traded companies," Reuters quoted a stockbroker as saying.
Lydec's top shareholders are the French utility group Suez who sold 8% stake of the 59% it held before the IPO and Morocco's top insurer, RMA-Al Wataniya who also sold a 6% stake of the 21% it held prior to the IPO.
By Fadi Chahine
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