Vicenne, a leading Moroccan healthcare company specialising in medical equipment and services, made history by listing on the Casablanca Stock Exchange through a €50 million initial public offering (IPO).
Backed by private equity firm Amethis, this IPO achieved an unprecedented oversubscription rate of 64 times, attracting over 37,674 investors from 49 countries, including 36,000 individual investors.
This milestone marks the most oversubscribed private equity-backed IPO in Moroccan history, signalling a transformative moment for Africa’s capital markets and healthcare investment landscape.
A Landmark Achievement for Vicenne and Amethis
Vicenne, a key player in Africa’s medical equipment and healthcare services sector, has grown significantly under Amethis’s strategic guidance since 2018.
The private equity firm collaborated closely with Vicenne’s leadership to implement diversification and expansion initiatives, positioning the company as a market leader in healthcare logistics and medical technology distribution across Morocco, Senegal, and Côte d’Ivoire.
The IPO, which involved a capital increase of 500 million Moroccan dirhams (MAD), reflects strong investor confidence in Vicenne’s robust business model and its ambitious growth plans, which include targeted acquisitions and international expansion.
Adil Bennani, President of Vicenne, described the IPO as “the consecration of our business model” and a “vote of confidence from investors,” crediting Amethis for its pivotal role in the company’s growth trajectory.
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The offering mobilized over 32 billion MAD ($3.5 billion) in demand, with 2.1 million new shares issued at 236 MAD each, valuing Vicenne at 2.4 billion MAD.
This success highlights the company’s financial strength, with revenues growing from 582 million MAD in 2022 to 837 million MAD in 2024, and a projected annual growth rate of 11.7% through 2030.
The Power of Private Equity in Africa’s Healthcare Sector
The Vicenne IPO highlights the transformative role of private equity in driving innovation and development in Africa.
Amethis’s strategic partnership enabled Vicenne to expand its portfolio, which spans heavy medical equipment, in vitro diagnostics, medical waste management, and more, serving over 1,800 clients across public and private healthcare providers.
The company’s operations in Senegal (since 2018) and Côte d’Ivoire (since 2021) demonstrate its regional ambitions, with plans to invest 700 million to 1 billion MAD in acquisitions by 2030.
Brahim Benjelloun-Touimi, Chairman of the Casablanca Stock Exchange, hailed Vicenne as “an emblematic player in Morocco’s healthcare sector and increasingly across the continent,” emphasizing its contribution to Africa’s healthcare sovereignty.
This IPO not only strengthens Vicenne’s financial foundation but also sets a precedent for private equity-backed ventures seeking to leverage capital markets for growth.
A Maturing African Capital Market
The overwhelming demand for Vicenne’s IPO, with 40% of retail investors being first-time stock market participants, reflects the growing maturity of Africa’s capital markets.
The Casablanca Stock Exchange has seen a surge in IPO activity since 2022, mobilizing 98.4 billion MAD in demand, with Vicenne’s offering contributing significantly to this trend.
The participation of investors from 48 countries, including the UK, UAE, France, and the US, highlights Morocco’s ability to attract global capital.
Younès Benjelloun, Director General of CFG Bank, noted that Vicenne’s model,long-term growth, private equity backing, and IPO, “is exactly what the market should replicate.”
This success signals a shift toward broader public engagement in equity investment and positions the Casablanca Stock Exchange as a strategic financing hub for African enterprises.
Why This Matters for Africa’s Healthcare Future
Vicenne’s IPO comes at a time when Morocco’s healthcare sector is undergoing significant transformation, driven by universal mandatory health insurance, the rise of private healthcare services, and an aging population.
The company’s diversified portfolio, which includes 60.3% of revenue from medical equipment and 27.8% from consumables, positions it to meet growing demand.
With a 2024 EBITDA of 174 million MAD and a net profit of 91 million MAD, Vicenne’s financial performance supports its ambitious growth targets, including a projected revenue of 1.33 billion MAD by 2027.
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This milestone also highlights the broader potential of private equity to catalyze sustainable development in Africa’s healthcare sector.
As global healthcare challenges intensify, innovative companies like Vicenne, backed by strategic investors like Amethis, are proving that private sector solutions can address critical needs while delivering strong financial returns.
Looking Ahead: The Future of Healthcare Investment in Africa
Vicenne’s record-breaking IPO marks a new era for African private equity and healthcare innovation.
By demonstrating the viability of capital market financing for high-growth companies, this achievement paves the way for other African enterprises to follow suit.
As Amethis continues to recycle capital into new opportunities, and with Vicenne poised for regional expansion, the question remains: Is this the blueprint for the future of healthcare investment in Africa?
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
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