Moroccan solar energy contractor Jet Energy opens subscriptions on Monday, November 2, for 2.625 million new shares on the Casablanca Stock Exchange, targeting gross proceeds of MAD328.1 million to MAD375.4 million. Morocco’s Capital Market Authority (AMMC) approved the prospectus on October 21, and the offer will remain open until 3:30 p.m. on Thursday, November 5.
The proposed subscription price ranges from MAD125 to MAD143 a share, with the final price due to be set on November 11 after orders have been consolidated. Proceeds from the capital increase will strengthen Jet Energy’s ability to deliver solar power plants and electrical infrastructure, particularly projects that require substantial upfront funding or bank guarantees.
Benin among the target markets
The prospectus sets out an indicative allocation of about MAD175 million for engineering, procurement and construction activities, including logistics and the ability to run several large projects at once. Another MAD130 million is intended to bring more metal-structure fabrication, solar-tracking systems and specialised equipment work in-house.
Jet Energy also plans to devote roughly MAD70 million to international expansion, focusing on Senegal, Côte d’Ivoire and Benin. It aims to develop local platforms and partnerships to compete for additional energy infrastructure contracts. The amounts assigned to these activities will be adjusted in line with final subscription proceeds.
Following the share issue, public investors would hold 20% of the company, while main shareholder Jet Contractors’ stake would decline from 78.91% to 63.13%. The timetable calls for the first trading session on November 16, followed by settlement and delivery on November 20.