Mediterrania exits Morocco's Akdital through an IPO

Mediterrania Capital Partners has sold part of its stake at Akdital through an IPO at the Casablanca Stock Exchange.

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 and neonatal care.

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 two and a half years of MC IIl'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 a 10-day subscription period closing on Tuesday 6th December, Akdital's IPO was subscribed 3.77 times. The total amount subscribed amounted to more than 4.5 billion dirhams ($430 million) 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.