Moroccan pharmaceutical company Laprophan has received regulatory approval to list on the Casablanca Stock Exchange in an initial public offering (IPO) valued at up to MAD 2.22 billion, marking another major development in the country’s capital market in 2026.
The Moroccan Capital Market Authority (AMMC) approved the offering on October 28, with shares priced at MAD 341 each. The subscription window is scheduled to run from November 9 to November 17, 2026, closing at 3:30 p.m. on the final day.
The transaction will make Laprophan the third company to pursue a major initial public offering on the Casablanca exchange this year, following T2S Group Holding and Jet Energy.
Founded in Casablanca in 1949, Laprophan has developed into a pharmaceutical group with operations spanning medicine research, manufacturing and commercialisation. The company says the listing will help fund its expansion plans, support industrial investment and strengthen its financial position.
How Laprophan’s IPO Will Work
The offering combines two separate transactions: the issuance of new shares to raise money for the company and the sale of existing shares held by current investors.
According to the approved prospectus, the total offer could reach MAD 2,222,535,700, with 6,517,700 shares made available to investors. Together, these shares represent approximately 37.64% of the company’s capital and voting rights after the transaction.
The main components are:
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New shares: Laprophan plans to issue 4,105,500 shares, with the capital increase expected to generate nearly MAD 1.4 billion.
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Existing shares: MC IV Pharma and MC IV Morocco will offer up to 2,412,200 shares, valued at a maximum of MAD 822.56 million.
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Price per share: MAD 341.
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Subscription period: November 9–17, 2026.
The distinction is important because proceeds from newly issued shares go to Laprophan, while money from the sale of existing shares goes to the selling shareholders.
Why Laprophan Is Going Public
Laprophan’s stock market debut comes as the company pursues a broader expansion strategy in Morocco and overseas.
The funds raised through the new share issuance are expected to support industrial development, strengthen the group’s balance sheet and finance further growth. The company is also pursuing acquisitions, including a proposed takeover linked to the Moroccan pharmaceutical laboratory Polymedic, which remains subject to the necessary regulatory approvals.
The planned listing would give Laprophan access to public capital markets as it seeks to expand its manufacturing capacity and broaden its product portfolio. It also gives investors an opportunity to acquire shares in a long-established Moroccan pharmaceutical business.
Acquisitions Strengthen Laprophan’s Position
Laprophan has accelerated its expansion through acquisitions in recent years.
In 2024, the group acquired Amanys Pharma, strengthening its presence in hospital medicines, oncology treatments and beta-lactam antibiotics. It also acquired a 75% stake in Botanic Pharma, a company specialising in food supplements.
In 2026, Laprophan expanded into Europe by acquiring a 60% stake in Swiss pharmaceutical group Rivopharm. The deal added manufacturing capabilities, research expertise and access to commercial networks in several European markets.
The company has also signed an agreement to acquire Corporate Investment Holding, the parent company of Polymedic. The proposed transaction is part of its strategy to consolidate its position in Morocco, although completion depends on regulatory clearance.
Laprophan’s Manufacturing and Research Operations
More than seven decades after its establishment, Laprophan operates across pharmaceutical research, production, distribution and sales.
The company reports that it has four industrial sites in Morocco and Switzerland, covering a combined built-up area of approximately 76,500 square metres. Its production network is expected to have a combined capacity exceeding 180 million consumer sales units annually, including planned capacity expansions.
Laprophan also reports a portfolio of more than 1,300 marketing authorisations covering 15 therapeutic areas, including infectious diseases, cancer, cardiovascular conditions and digestive disorders.
The group employs approximately 1,450 people and markets its medicines in more than 50 countries. Its research activities include work on new pharmaceutical products and biotechnology, while its industrial investment programme is intended to support future growth.
What the IPO Means for Morocco’s Stock Market
Laprophan’s planned listing adds to activity on the Casablanca Stock Exchange and offers another route for investors to gain exposure to Morocco’s pharmaceutical industry.
For the company, the transaction combines fundraising with a partial sale by existing shareholders. The fresh capital could support investment and expansion, while the listing would introduce a larger public shareholder base.
However, an IPO does not guarantee future returns. Investors considering the offering should review the approved prospectus, the company’s financial information, the risks associated with its expansion strategy and the terms of the share sale before making an investment decision.
The offering documents are available through the AMMC, the Casablanca Stock Exchange and Laprophan’s official investor website.
