Akdital, a private healthcare group, will go public from November 29 to December 6, 2022 through a capital increase and share sale. details.
The docs For the IPO of the Moroccan private health group Accadital They have been targeted before Moroccan Capital Market Authority (AMMC) On November 21, 2022. Operation A The maximum amount is 1.2 billion dirhams. 2.66 million shares will be created through the capital increase and 1.33 million shares will be sold by the existing shareholders of the group (see below). The shares will be made available by a large investment syndicate (banks and brokerage firms) led by CFG Bank, which is also a co-adviser in the process along with BMCE Capital.
Two classes of stock subscription orders
Two types of subscription orders are offered, both intended for natural and legal persons as well as qualified investors:
– The 1Verse Good heart, to any 2.33 million shares Reserved (58.3% of the offer) intended for large investors Which requires at least 10,000 shares, i.e. AED 3 million. They will be served in accordance with their request.
– The 2The tenth Good heart (1.66 million shares41.7% of the offer) do not expect There is no minimum Submissions and investors will be submitted in two phases: A1time Allocation by frequency up to 150 shares per subscriber, and 2The tenth Allocate the remainder in proportion to the surplus.
Existing shareholders of Akdital Group
For information, the current shareholders are Rushdie Talib With 16% of the share capital, the family Akdem by 48%, Jawad Zakaria And the Muhammad Al-Marini with 8% each and MCIII Al-Razi Investment Fund by 20%. After the end of the process, the free offering on the stock exchange will reach 21.6% of the capital, and the shares of the historical shareholders will decrease, respectively, to (12.6%, 33.7%, 5.8%, 5.8%, and 10.5%).
Two ways of evaluation and a discount between 7% and 20%
The price of 300 dirhams per share was determined by the Accital Group and its advisors based on two evaluation methods: discount future cash flows Which gave a value of 379 dirhams, and International stock market comparisons (323 dirhams). The suggested price therefore offers a discount of between 7% and 20.7%. Compatible with 15.8 times the gain of stocks expected in 2023.
An ambitious business plan
In fact, Akdital Group’s business plan states that a The volume of business is 2 billion dirhams in 2023 (+87% vs. 2022) for Net profit of 200 million dirhams (+100%) and a Dividends for the year 2022 to be paid in 2023 in the amount of AED 44 million (+120%) i.e. a rate of return of 1.5%. In 2027, the turnover should reach 3 billion dirhams (average annual growth rate of 22.5%) f The profit is 400 million dirhams (CAGR of 32%) for A Dividends for the previous year amounting to 254 million dirhams (66% CAGR), representing a rate of return of 8.5% over the IPO price.
It should be noted that the funds raised through this IPO will be used for:
- Financing specific future investments of 514 million dirhams: 8 new institutions Health care in Kenitra, Khouribga, Rabat (2), Tetouan, Taghazout, Marrakesh and Benguerir. These investments will enable Accital to access 25% of the bed capacity of the private healthcare sector nationwide.
- Improving its financial structure by AED 286 million.
- This is in addition to the classic goals of IPOs: capital liquidity, goodwill, etc.
Akdital Group now has 21 healthcare establishmentswhose 15 hospitals and clinics Multi-specialty centers and 6 oncology centers, i.e. 2242 beds.
Note that the date of the first listing of Akdital shares on the Casablanca Stock Exchange is December 14, 2022. The maturity date for shares, whether new or old, is December 1, 2022.Verse January 2022, i.e. its holders will be entitled to dividends for the year 2022.