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Helios Investment Partners has announced the initial public offering of its portfolio company T2S Group on the Casablanca Stock Exchange (CSE). The offering, of MAD 1.1 billion (about $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 around MAD 4.9 billion (about $520 million) at listing.
The offering was 44 times oversubscribed, attracting 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.
T2S Group is an integrated med-tech 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 an integrated med-tech platform in the region.
Raed Barkatis, head of the consumer non-discretionary sector at Helios Investment Partners, said: “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.”
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