Laprophan, a Moroccan pharmaceutical laboratory founded in 1949 by Abderrahim Bennis, has received approval from the Moroccan Capital Market Authority (AMMC) to list on the Casablanca Stock Exchange. The company's initial public offering (IPO) can reach a maximum of MAD 2,222,535,700, with subscriptions running from November 9-17 at MAD 341 per share. This move makes Laprophan the third company to launch an IPO in Casablanca in 2026, following T2S Group Holding and Jet Energy.
The IPO serves two distinct purposes within a single transaction. The first part brings fresh capital into the company, amounting to MAD 1,399,975,500 through the issuance of 4,105,500 new shares at MAD 341 per share. The second part covers the sale of 2,412,200 existing shares held by MC IV Pharma and MC IV Morocco, for a maximum of MAD 822,560,200, with the proceeds going to the selling shareholders. Together, the offer covers 6,517,700 shares, or 37.64% of the capital and voting rights after the operation.
The shares will be admitted to Compartment A, the main compartment of the Casablanca exchange. The ordinary and extraordinary general meeting authorized the transaction, which includes a specific discount reserved for eligible employees and executives. CFG Finance acts as financial advisor and global coordinator. The pricing points to a valuation close to MAD 5.9 billion.
Laprophan's listing is tied to its expansion plans, including an acquisition in progress. The company has built a series of acquisitions since 2024, including Amanys Pharma, Botanic Pharma, and Rivopharm. The proceeds from the IPO will support Laprophan's current development, finance its external growth, strengthen its financial structure, and accompany its industrial investment.
In 2023, Laprophan opened its capital beyond the founding family for the first time, through a MAD 750 million investment protocol with a consortium led by Mediterrania Capital Partners. The Competition Council recorded a 24.59% stake acquired by Mediterrania and its partners. If that holding remained at its 2023 level, the sale of 2.4 million shares would represent roughly three-quarters of the position, leaving the fund with a little under 5% after the listing.
Laprophan operates four production sites in Morocco and Switzerland, totaling about 76,500 square meters. The group’s portfolio runs past 1,300 marketing authorizations across 15 therapeutic areas, among them anti-infectives, oncology, cardiovascular disease, digestive conditions and the central nervous system. Its activity rests on several poles: medicines under its own brands, products handled under international licenses, Amanys Pharma’s hospital specialties, Rivopharm’s European operations, and Botanic Pharma’s food supplements.
Founded in 1949 by Abderrahim Bennis and chaired since 2020 by his son Farid Bennis, Laprophan now presents itself as an integrated pharmaceutical platform spanning research and development, manufacturing, distribution and commercialization. The group has a pipeline of more than 50 molecules in development, with biotechnology work carried out through the subsidiary Ibylte.
Key points
- Laprophan's IPO on the Casablanca Stock Exchange aims to raise MAD 2.22 billion.
- The company's valuation is close to MAD 5.9 billion.
- Laprophan operates four production sites in Morocco and Switzerland.
