Moroccan clinic operator Oncorad plans to go public on the Casablanca stock exchange in three years to fund its expansion plan, CEO Redouane Samlali announced on Thursday, capitalizing on rising demand for health services as Morocco generalizes health insurance.
On the same day, the company received 458 million dirhams ($45.5 million) in funding from Moroccan private equity firm CDG Invest Growth and French private equity firm Stoa.
‘This capital increase is conducive to issuing an initial public offering in three years,’ he said.
Semlali said that after the signing ceremony that “Oncorad plans to spend 3 billion dirhams to increase its facilities to 30 by 2026 from 13 currently.”
Morocco’s private sector must open at least 700 new private clinics within the next decade to improve health care, particularly in underserved areas.
He pointed out that Rabat and Casablanca, the country’s economic and political centers, are home to nearly 80% of the country’s clinics.
According to the Moroccan health ministry, the country’s hospitals are short 32,000 doctors and 65,000 nurses, and many areas of the country are effectively “medical deserts” as a result.
Semlali stated that his organization has begun hiring a dozen foreign medics and plans to establish its own training facility in the northern city of Nador.
In order to better fund healthcare services, Morocco’s public health budget has been increased by 19%, to 28 billion dirhams in 2023.
The expansion of health insurance is expected to increase demand for health services, and he predicted that “the private sector would help alleviate the burden” on public hospitals.
Akdital, a private clinic operator, issued the most recent initial public offering (IPO) to be listed on the Casablanca stock exchange in December 2022.
