15-12-2022. Casablanca. Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce that it has sold part of its stake at Akdital (AKT stock symbol) through an IPO at the Casablanca Stock Exchange.
With the support of Mediterrania Capital Partners, Akdital has provided the largest IPO at the CSE since 2008. The national leader in the private clinic sector is the first healthcare company traded in the capital market in Morocco.
Founded in 2010 by Dr Rochdi Talib, Chairman and CEO, Akdital Group is the leading private clinic group in Morocco with a network of 17 multidisciplinary and specialised health establishments across the country. With 2,700 employees and using advanced techniques and best-in-class equipment, Akdital provides a variety of healthcare services such as cardiology, cardiac surgery, neurosurgery, oncology, radiotherapy, intensive care, neonatal care, etc.
In March 2020, Mediterrania Capital Partners invested in Akdital through its MC III fund, providing financial, strategic and operational support to sustain the group’s expansion plans. During the 2½ years of MC III’s tenure, Akdital launched new medical services at its Casablanca clinics, expanded its network from five to 17 clinics to cover other geographical areas such as El Jadida, Agadir, Sidi Maârouf, Tangiers, Salé and Safi, and began the construction of new clinics in Bouskoura, Mohamedia, Fes and Tetouan. Akdital plans to open eight new medical infrastructures in 2023 and four health establishments in 2024.
With the support of Mediterrania Capital Partners, Akdital more than tripled its bed capacity from 550 to 1,800 beds, and also created more than 700 new jobs. As well as helping Akdital expand its clinics and medical services, Mediterrania led the group in implementing new budgeting and governance processes to add transparency and establish a faster operational rhythm. The private equity firm also guided Akdital in creating a Real Estate subsidiary so the group could focus its resources on acquiring the most advanced technical equipment and accelerating its hospital expansion.
The largest IPO at the Casablanca Stock Exchange since 2008
With a 10-day subscription period closing on Tuesday 6th December, Akdital’s IPO was subscribed 3.77 times, highlighting the group’s attractiveness and strong fundamentals, and enabled the largest IPO since 2008 at the CSE.
The total amount subscribed amounted to more than 4.5 billion dirhams and consisted of a combination of capital increase and a share sale. Of the total amount, 54% was subscribed by 189 institutional investors and 42% by private retail investors, totalling 8,225 subscribers. The IPO included subscribers from Morocco and other countries such as Ireland, South Africa, Luxembourg, the United Arab Emirates, France, Spain, Canada, Italy and Switzerland.
The capital injection will enable Akdital to continue its expansion plans making high quality healthcare accessible to larger portions of the population in Morocco.
After the IPO, Mediterrania Capital Partners’ Saâd Bendidi (Chairman and Senior Partner) and Hatim Ben Ahmed (Managing Partner) remain members of Akdital’s Board of Directors.