Maroc Telecom IPO oversubscribed 18 times

The total amount of subscriptions at Maroc Telecom's initial public offer reached 164 billion MAD (over US$ 16 billion), 18 times the amount of the initial offer (9 billion DH or over US$ 900 million), privatisation and finance minister Fathallah Oualalou, announced on Thursday at a press conference.

Presenting results of the listing in Casablanca and Paris stock markets of 14.9% of Maroc Telecom capital, the minister who acclaimed the operation as a "great success" said 133,794 individuals subscribed for over 11 billion DH (US$ over 1 billion), including 98% of the company's 12,300 staff, in addition to Moroccan institutions which bought over 14 billion Dirhams in shares.

The operation also massively attracted the world's most renowned investment funds which subscribed for 142 billion Dirhams.

Over 130 million shares were on sale at a unit prise of 68.25 dirhams (US$ 8.10) in this "historic" and beneficial operation for our country, he said, stressing that it will upgrade the Kingdom's attractiveness and improve its rating, he stressed.

Last month, French media firm, Vivendi Universal raised its stake in Maroc Telecom to 51% from 35%. Vivendi paid 1.1 billion euros ($1.46 billion) for the deal, to take effect in January, a 30 percent control premium.