In a significant move for the Moroccan medical technology sector, T2S Group Holding is set to raise an impressive MAD 1.1 billion (approximately $118 million) through an initial public offering (IPO) of shares. The offering commenced on July 13 and is scheduled to close at 15:30 Moroccan time (UTC+1) on July 17. If successful, the shares will be listed on the Bourse de Casablanca on July 27, marking the first listing of 2026, following a year characterized by heightened demand for IPOs in 2025. The Moroccan financial regulatory authority, Autorité Marocaine du Marché des Capitaux (AMMC), granted approval for this IPO on July 6. Interested investors can find detailed information in the prospectus, which includes a summary in English, available on the AMMC website.
The total offering comprises 4.9 million shares priced at MAD 223 each. The T2S investor website can be accessed here. The IPO consists of 1.57 million new shares aimed at raising MAD 350 million ($37 million) in fresh capital, alongside the sale of 3.36 million existing shares valued at MAD 750 million ($80 million) by Trone Investment Holdings, an investment entity associated with British private equity firm Helios Investment Partners. Post-IPO, Trone is expected to remain the largest shareholder, holding 42% of shares, while the free float will account for approximately 23% of the total share capital.
The capital generated from this IPO is earmarked for significant advancements, including the construction of a second cyclotron production unit in Fez, the expansion of in-vitro diagnostic equipment installations across various sites for biological sample testing, as well as modernization of IT infrastructure and enhancements in cybersecurity. T2S's investment program for the period of 2026 to 2030 is projected at MAD 336 million.
Growth and Future Prospects
T2S Group Holding, initially founded as Technique Science Santé by Abderraouf Sordo in 1992, has undergone a transformation and rebranding to become a leading player in the medical technology landscape. The company specializes in supplying, installing, and maintaining cutting-edge medical equipment, including imaging systems, oncology solutions, operating room technologies, lab diagnostics, nuclear medicine, and digital hospital systems. T2S collaborates with renowned companies such as Siemens Healthineers and Carl Zeiss Meditec to deliver high-quality medical technology products.
With a strong market presence in Morocco, T2S has expanded its operations to over 20 African nations, establishing subsidiaries like T2S and IM Alliance, which focus on distributing and maintaining medical equipment and diagnostic devices. Cyclopharma, a subsidiary, specializes in radiotracers and radiopharmacy products, while Binarios provides hospital digital systems. Partnerships with international giants such as GE Healthcare further bolster T2S's position in the industry.
The restructuring of T2S in 2021, supported by the Helios Investors IV fund and the Trone investment vehicle, consolidated its four operating subsidiaries under a unified holding company, acquiring a controlling stake of nearly 62%. In May 2026, T2S entered into a partnership with GE Healthcare and the Mohammed VI Foundation for Sciences and Health, focusing on advancing innovation, training, and precision medicine. This collaboration aims to establish the Fondation Mohammed VI Innovation Hub, dedicated to advanced imaging in cardiology and specialized clinics for cancer treatment.
Financially, T2S has demonstrated robust growth, with consolidated revenues reaching MAD 1.76 billion ($118 million) in 2025, an increase from MAD 1.51 billion in 2024. The company's EBITDA also rose significantly, reaching MAD 388 million, up from MAD 276 million, while consolidated net income surged to MAD 211 million, compared to MAD 78 million in the previous year.
Strategic Vision Towards 2030
Looking ahead, T2S has laid out an ambitious five-year business plan leading up to 2030, projecting a compound annual growth rate of 18%—a notable increase from the previous 13% growth rate observed between 2023 and 2025. By 2030, the company anticipates revenues of MAD 4.17 billion, EBITDA of MAD 1.0 billion, and net income reaching MAD 607 million. This growth trajectory will be fueled by advancements in radiology and oncology, medical devices, operating room solutions, in-vitro diagnostics, and after-sales services. Notably, T2S is undertaking turnkey projects to establish oncology centers in Côte d’Ivoire, Mali, and Senegal.
According to reports from African Markets, the founding executives of T2S are bound by a shareholders’ agreement that includes a lock-up period of up to three years, during which they are prohibited from selling their shares. Additionally, T2S directors are offering shares to Sordo at a 20% discount relative to the IPO price, contingent upon the IPO's successful completion.
As reported by africancapitalmarketsnews.com.
