Moroccan financial services firm BMCE Capital Global Research (BKGR) has recommended subscribing to the initial public offering (IPO) of Jet Energy, a leading photovoltaic solutions provider in Morocco. The IPO is priced between 125 and 143 dirhams per share. According to BKGR, the target price for Jet Energy shares is 170 dirhams, representing an 18.9% potential gain compared to the upper end of the price range and 36% compared to the lower end.
Jet Energy was founded in 2012 as part of the strategic diversification of Jet Contractors. The company has established itself as a major player in Morocco's photovoltaic sector, with over 330 megawatts of installed capacity as of June 2026. Notable projects include Noor PV I Laâyoune (85 MWc), the first phase of OCP Green Energy's solar program (202 MWc), and the country's largest battery storage project (125 MWh).
Jet Energy's business model is built around three complementary areas: photovoltaic EPC, electrical installation works, and operation and maintenance (O&M). This integrated approach enables the company to handle the entire electrical component of a project, including solar and storage components. Historically, Jet Energy has maintained a low capital intensity compared to the volumes it handles.
According to BKGR, Jet Energy operates in a supportive environment, driven by a large-scale government plan and a market estimated at 36 billion dirhams. The company's growth prospects are further boosted by the emergence of energy storage and increasing demand in West Africa. Jet Energy's revenue has grown at a compound annual rate of 54% between 2023 and 2025, reaching 340 million dirhams, with an EBE margin of 28.8% and net income of 71 million dirhams.
The company's growth momentum has accelerated in the first half of 2026, with revenue up 84.8% to 269 million dirhams. Jet Energy's order book stands at 1.49 billion dirhams as of June 30, 2026, equivalent to 4.4 times its 2025 revenue. The IPO aims to provide Jet Energy with the necessary funds to directly pursue large tenders currently largely contracted through its parent company, Jet Contractors.
The funds raised from the IPO will be allocated to financing the growth of Jet Energy's EPC activity, vertical integration, and expansion into West Africa. BKGR identifies several growth drivers not included in the business plan, such as the development of EPC storage, the opening of CFO/CFA activities to third-party clients, and the potential of the African market.
However, BKGR also highlights several risks associated with Jet Energy, including execution of the business plan, dependence on Jet Contractors, pressure on margins and working capital requirements, limited liquidity of the stock, and the risk of selling pressure from historical shareholders. The IPO subscription period and allotment will determine the company's future growth trajectory.
Key points
- BKGR recommends subscribing to Jet Energy's IPO with a target price of 170 dirhams.
- Jet Energy has a strong track record of growth, with revenue increasing at a CAGR of 54% between 2023 and 2025.
- The company's order book stands at 1.49 billion dirhams, providing visibility for future growth.
