Moroccan clinic operator Oncorad CEO Redouane Samlali said that his company plans an initial public offering (IPO) at the Casablanca stock exchange in three years to fund its expansion plan, Reuters reported.
Samlali added that the company is making use of the high demand for health services in Morocco.
The country has increased the public sector’s health budget to 28 billion dirhams to improve health services in 2023, up 19%.
The company raised 458 million dirhams ($45.5 mln) from private equity firms: Morocco’s CDG Invest Growth and France’s Stoa the same day of the announcement.
“Oncorad plans to spend 3 billion dirhams to increase its facilities to 30 by 2026 from 13 currently,” Semlali told Reuters after the signing ceremony.
At least 700 more private clinics need to be added to improve health services in the North African country.
Samlali added that nearly 80% of Moroccan clinics are only in the capital Rabat and the economic hub Casablanca, or 15% of Morocco’s territory, he said.
The hospitals have a shortage of 32,000 doctors and 65,000 nurses and health services are unevenly distributed, leaving many regions as medical deserts, according to the health ministry.
Akdital, another private clinic operator, issued the latest IPO at the Casablanca stock exchange in December 2022.
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