Corporate finance between introduction to stock exchange and private equity

Case study of construction public works sector

Abstract

Growing companies often face major strategic challenges, including the need to access diverse resources to support their expansion. Of these resources, financial capital is often crucial. When the founder’s internal resources and personal funds are no longer sufficient, the initial public offering and the private equity can provide essential resources in the form of equity, significantly changing the ownership structure of the company. The arrival of new shareholders raises relevant issues, as they can significantly influence the company’s performance, its financial health. This report aims to examine, on the one hand, the role of the Casablanca Stock Exchange as a link between the financial markets and Moroccan companies seeking to benefit from an initial public offering. On the other hand, it analyses the multidimensional impact of these financial strategies on the performance of Moroccan companies. The focus is on the construction and public works sector (BTP), with an in-depth case study of the Casablanca General Construction Works Company (TGCC), which has experimented with both forms of financing.