London / Casablanca, 27 July 2026 – Helios Investment Partners (“Helios”), the leading Africa-focused private investment firm, is pleased to announce the initial public offering of its portfolio company T2S Group Holding ("T2S Group" or the "Group") on the Casablanca Stock Exchange ("CSE"). The offering, of MAD 1.1 billion (c.USD 120 million), is one of the largest listings on the CSE in recent years and values the Group at a post-money market capitalisation of c.MAD 4.9 billion (c.USD 520 million) at listing.
The offering was 44 times oversubscribed, attracting strong demand from Moroccan and international investors. The capital raise provides liquidity to existing investors and supports the Group's continued growth. Helios remains T2S's largest shareholder, with a 42% stake post-IPO.
With more than 30 years of operating history, T2S Group is a leading integrated MedTech group serving public and private healthcare providers in Morocco and across Africa. The Group distributes, installs and maintains high-tech medical equipment and solutions, supporting the care pathway from diagnosis through treatment and throughout the equipment lifecycle. Across seven complementary business segments, T2S combines distribution, manufacturing, digital systems and technical services on behalf of blue-chip global manufacturers.
Helios’ investment in the Group in 2021 allowed the integration of four complementary businesses, creating the leading integrated MedTech platform in the region. Working alongside founder Abderraouf Sordo and the management team, Helios strengthened the Group's governance and leadership and broadened management ownership. It also invested in T2S's operations, technology and commercial capabilities, building an integrated, service-led offering underpinned by recurring maintenance revenues and sustained expansion across the continent. These initiatives have established T2S as the leading medical equipment distribution and maintenance platform in francophone Africa and positioned the Group for continued growth.
Beyond its commercial success, T2S plays an important role in expanding access to advanced healthcare across its markets. The Group’s development has accompanied Morocco’s generalisation of universal health coverage and the modernisation of public and private healthcare infrastructure, while its investment in radiopharmaceutical production capacity and the training of local engineers and technicians is strengthening the healthcare ecosystems in which it operates.
Raed Barkatis, Head of Consumer non-discretionary sector at Helios Investment Partners, said: “It has been a privilege to work alongside Mr Sordo and the entire T2S team to build the leading integrated MedTech platform in Morocco. T2S has been a pioneer in introducing advanced medical technologies across Morocco and the wider African continent, helping healthcare providers deliver the highest standards of patient care. Today's listing marks a significant milestone for the Group and opens an exciting new chapter in its development. We look forward to continuing to support T2S as it embarks on this next phase of growth.”
Zineb Abbad El Andaloussi, Advisor at Helios Investment Partners, commented: “The quality of the T2S management team has been the driving force behind the Group’s success. Their ability to execute and earn the trust of partners and healthcare providers across the region has been remarkable to witness. We are excited to continue supporting T2S Group in its mission in improving healthcare services across the region.”
Abderraouf Sordo, Founder and Chief Executive Officer of T2S, added: “This listing is the culmination of more than thirty years of work by the T2S teams in the service of healthcare providers and patients. With Helios’ backing over the past five years, we have built an integrated platform that is unique in our markets. Joining the Casablanca Stock Exchange gives us the means and the visibility to accelerate our development in Morocco and across Africa, and I am proud to open this new chapter alongside our employees, partners and new shareholders.”