Moroccan World Cup Stadium Builder SGTM Soars in Trading Debut, Raises $548mln in IPO

Moroccan builder SGTM soared in its trading debut, raising $548 million to construct a giant stadium and infrastructure for the upcoming FIFA World Cup. Shares rose by 10% daily limit, with the IPO being the second largest since the Casablanca stock exchange inception. The company has secured 34 billion dirhams in contracts and is leading the construction of King Hassan Stadium, one of the world's largest. The stock market has seen a prosperous period, with the broadest measure rising by over 70% since FIFA's announcement in 2023.