Daba Finance/Cash Plus made a significant debut on the Casablanca Stock Exchange on Monday, December 13, 2025, following a heavily oversubscribed initial public offering (IPO). The offering, valued at 750 million dirhams, garnered substantial investor demand, being oversubscribed approximately 64 times and attracting close to 81,000 subscribers. This overwhelming response underscores a renewed appetite for equity listings and a growing interest in financial technology companies within Morocco.

Founded in 2004, Cash Plus has evolved into a pivotal player in Morocco’s financial services sector. The company operates an extensive network of more than 5,000 service points nationwide, many strategically located in rural areas, utilizing a hybrid model that combines its physical infrastructure with digital services. Since obtaining a payment institution license in 2019, Cash Plus has significantly expanded its service portfolio to include bill payments, money transfers, and the distribution of government social assistance, reaching over 1.5 million households.

The proceeds from the IPO, which include 400 million dirhams from a capital increase, are earmarked for strategic expansion. These funds will be utilized to further broaden Cash Plus’s physical network, invest in the development of innovative digital products, and pursue potential acquisitions to enhance its market position and service offerings.

Cash Plus’s listing under the ticker CAP adds to an already active year for Morocco’s stock market. Earlier in 2025, Vicenne successfully completed an IPO, which contributed to the revival of primary market activity. Additionally, the construction group SGTM is preparing to list up to 20% of its capital, with a potential deal size of 5.04 billion dirhams, following the close of its subscription period on December 8.

This successful IPO by Cash Plus is indicative of a broader resurgence in Morocco’s equity market after several years of quieter activity. Investor demand suggests a return of local capital to listed equities, buoyed by stable macroeconomic conditions and limited alternatives for long-term savings. The success of recent IPOs reinforces the Casablanca Stock Exchange's role as a vital funding channel for companies across diverse sectors, including fintech, healthcare, construction, and infrastructure. Since 2022, listings have collectively raised more than 147 billion dirhams, signifying deeper market participation from both retail and institutional investors.

For fintech firms specifically, the Cash Plus IPO signals increasing acceptance and confidence in non-bank financial players within public markets. Companies focused on financial inclusion, digital payments, and social transfers are well-aligned with government priorities, providing them with predictable demand and policy support. The pipeline of upcoming listings, which includes large industrial groups, has the potential to further improve market liquidity and sector diversity. If this momentum is sustained, it could strengthen the Casablanca Stock Exchange’s position as a regional hub and offer Moroccan companies a credible alternative to traditional bank financing for achieving long-term growth.