The Casablanca Stock Exchange (CSE) has approved Morocco’s Societe d’Exploitation des Ports (Marsa Maroc)’s initial public offering (IPO), which will take place between 20 and 30 June.

The Moroccan state is selling 40 per cent of shares at a reference price of MD65 ($6.71) a share.

It plans to raise more than MD1.9bn ($200m), valuing the company at MD4.8bn.

Local Attijari Wafa Bank is the financial advisor, and Attijari is the lead undewriter. The underwriting syndication includes local BMCI, a subsidiary of France’s BNP Paribas, Societe Generale, and local Banque Marocaine du Commerce Exterieur (BMCE).

Shares are expected to be listed on the CSE on 19 July. It will be the only majority state-owned company listed on the exchange.

It is also the first IPO in 2016.

The MSCI index downgraded Morocco from an emerging to a frontier market in 2013, due to low liquidity.

Marsa Maroc operates ten ports in Morocco; Tangier Med II, Hoceima, Nador, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laayoune and Dakhla.

Marsa Maroc expects its earnings before interest, tax, depreciation and amortisation (EBITDA) to average MD875m between 2016 and 2020, compared to MD1bn in 2015. Its net profit in 2015 reached MD488m.