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The long-awaited initial public offering (IPO) of shares in Lyonnaise des Eaux de Casablanca (Lydec)was launched in early July. Investors were given from 4-8 July to subscribe to the 1.12 million shares on offer, representing 14 per cent of the company’s capital. The target price band is MD 210-MD 240 ($23.1-26.4) a share, with the price to be set on 13 July and shares to be listed on 18 July. The IPO is expected to raise up to MD 2,000 million ($222 million)