DPI Portfolio Company CMGP Group Completes Initial Public Offering on Casablanca Stock Exchange Raising c.$110m and Exceeding $340m Post-money Valuation
- CMGP is a leading pan-African integrated agri-services company, operating across five countries in North and West Africa.
- CMGP’s IPO was oversubscribed 37 times, with 33,771 participants, making it the third-largest IPO in the history of the Casablanca Stock Exchange.
- CMGP will continue to benefit from DPI’s ongoing partnership as its largest shareholder.
London, UK, 18 December 2024 – Development Partners International (“DPI”), a premier investment firm focused on Africa, this week announced the initial public offering of portfolio company CMGP Group (“CMGP” or “the Company”), a leading pan-African integrated agri-services company, on the Casablanca Stock Exchange (“CSE”).
The IPO garnered exceptional investor interest. At the end of the subscription period from 2nd December to 6th December, the listing was oversubscribed 37 times with 33,771 participants, making it the third-largest IPO in the history of the CSE. Through a capital increase and a share sale, the Company has raised c.$110 million capital which will provide liquidity to existing investors and support further growth.
As CMGP’s lead investor since September 2018, DPI has played a key role in its evolution from a specialised irrigation solutions provider to a leading integrated agri-services company that now operates in five countries. This transformation was driven by organic growth, strategic acquisitions, and operational enhancements, cementing CMGP’s position as the market leader in the sector.
Entering this new chapter as a publicly listed company, CMGP continues to benefit from DPI’s ongoing partnership as its largest shareholder. The company’s founder and management team, instrumental in its success, will remain at the helm to lead its domestic and international expansion.
CMGP is the regional leader in the manufacturing, distribution and integration of irrigation systems, agricultural inputs and infrastructure equipment. CMGP Group’s broad offering means it is positioned as a one stop shop providing African farmers with the widest range of products and services that meet their needs.
Runa Alam, Co-Founding Partner and CEO, Development Partners International, commented:
“We are thrilled that CMGP Group has achieved this historic milestone which marks the next exciting phase of the company’s development and growth.”
“At DPI, we pride ourselves on being trusted partners to high growth, impact-driven, and innovation-led companies like CMGP. In partnership with the Group’s excellent founders, we have grown CMGP to become a one stop shop for farmers in North and West Africa while addressing water scarcity, food security and global warming through the core business and product offering.”
Jade Del Lero Moreau, Partner, Development Partners International, commented:
“CMGP’s IPO represents a significant milestone for the company and reinforces its position as a regional leader in the agri-services sector. The company continues to be a world-class partner to farmers across North and West Africa by pioneering solutions in irrigation, fertigation, crop protection and solar energy. This helps to combat key challenges such as water scarcity and food security. We are excited to support CMGP in this next phase of its development and growth.”
