Morocco property firm Alliances plans $271 million IPO

Moroccan property company Alliances Developpement Immobilier aims to raise 2 billion dirhams next month via an initial public offering on the Casablanca stock exchange. Alliances will sell 2.915 million shares for 685 dirhams each, including 1.1 million shares from a capital increase.

Founded in 1994, Alliances specialises in studying, building and selling housing and tourism developments, often in partnership with major operators including Accor, Four Seasons Hotels, Club Med and TUI. The stake of the founding Lazraq family will fall to 60% from 82% while institutional investors will see their holding decline to 15.78 percent from 17.36 percent.