Mediterrania partial exit in Cash Plus IPO on Casablanca bourse

Mediterrania Capital Partners has completed a partial divestment of its holding in Moroccan payments group Cash Plus through an initial public offering on the Casablanca Stock Exchange. The flotation drew extraordinary investor demand, clearing with a 65-times oversubscription, and delivers early liquidity to Mediterrania’s backers just two years after its entry.

Founded in 2004, Cash Plus is the country’s largest independent money-transfer and low-income payment services provider, operating an extensive retail footprint of more than 4,900 points of sale and a fast-growing transactional mobile wallet. Since the PE consortium’s investment, led by Mediterrania Capital Partners alongside development financiers FMO and the International Finance Corporation (IFC), the business has reported a marked improvement in operating metrics — including a roughly doubling of annual revenues and substantial EBITDA progression.

According to Mediterrania, the IPO is the firm’s third public exit in the region after earlier listings of TGCC and Akdital, and it underscores a maturing capital markets pathway for North African growth companies. Albert Alsina, Mediterrania’s founder and CEO, framed the transaction as validation of the team’s turnaround and scale-up work, while Hatim Ben Ahmed, Managing Partner, highlighted that the sale provides both meaningful proceeds to investors and ongoing support for Cash Plus’s expansion roadmap.

Management at Cash Plus says the partnership with its private capital backers accelerated digital product roll‑out and strengthened governance. Nabil Amar, President and CEO of Cash Plus, thanked the investor group for strategic guidance that helped professionalise the business and prepare it for the public markets. The company will retain capital to fund product development and cross‑border growth ambitions in North and West Africa.

From a market perspective, the deal signals growing investor appetite for fintech stories in Morocco and the wider region. Digital payments adoption in North Africa is being driven by higher smartphone penetration and regulatory efforts to broaden financial inclusion; platforms with large retail footprints and transactional wallets are increasingly prized for their distribution and revenue visibility. For private equity managers, successful listings provide an alternative exit route to trade sales or secondary processes in markets where strategic buyers remain selective.

Analysts say the oversubscription and the participation of development financiers such as FMO and International Finance Corporation (IFC) will help underpin confidence in similar issuers considering listings. For Mediterrania, the partial sale preserves a stake in Cash Plus while demonstrating the firm’s ability to build, scale and exit financial‑services champions in Africa.

The transaction was supported by local advisers and communications teams. Mediterrania said the proceeds will be used to reinforce Cash Plus’s product roadmap and to accelerate its international rollout, while continuing to pursue high‑impact financial inclusion across underserved customer segments.