Jorf Lasfar Energy Company (JLEC), the wholly owned Moroccan subsidiary of the Abu Dhabi government-owned Abu Dhabi National Energy Company (Taqa), has concluded its first initial public offering (IPO) on the Casablanca Stock Exchange.
The listing was more than six times oversubscribed.
The shares issued represent 9.47 per cent of Jorf Lasfar. Before the IPO, just over 4 per cent of the shares were secured through private placement with Moroccan institutional investors. The remaining 85.79 per cent is retained by Taqa.
Jorf Lasfar operates Moroccos largest power complex and largest coal-fired power plant in the Middle East and North Africa (Mena) region.
Taqa is close to completing a $1.6bn expansion of the power complex, which will increase its generation capacity to meet the growing demand for power within Morocco.