Jul 18 2005 |
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Morocco: High demand for Lydec shares
Lydec's initial public offering ended up being a success as the 14% equity on offer of the utilities company in charge of water distribution and wastewater in Casablanca were oversubscribed 24 times.As a result, Casablanca Stock Exchange announced on Friday that it had set the IPO price of the Casablanca-based company at MAD 240 - the high end of the initial 210-240 continuum. Demand topped 27.5 million shares for a mere 1.12 on offer, and shares are set for an increase when they open on Monday.
Individual investors, on the other hand, posted a much higher demand, as buyers placing orders of less than MAD 1 million asked for 7,231,274 shares for a mere 476,000 on offer - that's a subscription rate of 1,519%.
Institutional investors, as expected, recorded the highest subscription rate. Coming from nine different countries, they placed orders for 20,076,898 shares for barely 476,000 on offer - that's a 4,218% subscription rate.
Suez Environement of France brought 4.75% of the 14% equity stake IPOed, Elyo 3.25%, and the insurer RMA-Watanya 6%.
In August 1997, when Lydec started off its operations, its capital was held by Suez Environment (35%); Elyo (24%); Endesa (18%); EDF International (18%); and Agbarex (5%). The government fund CDG acquired early in January 2005 a 20% stake of Lydec.
The Spanish utility company, Endesa, pulled out on Jan. 11, 2005 from Lydec by selling its 18% stake to the Moroccan insurance group RMA-Alwatanya for €26 million. It walked away with €12 million net capital gains since its initial investment in 1997 amounted to €14 million.
Lydec generated in 2003 MAD 4,337 million of total revenues, and MAD 219 million of profits.
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