Maroc
Who is Jet Energy?
Jet Energy is a Moroccan solar EPC contractor based at Skhirate, majority-owned by the listed construction group Jet Contractors. It builds photovoltaic plants, runs operations and maintenance, and installs electrical systems. It installed 139 MWc in 2025 and has executed 202 MWc of OCP Green Energy’s programme. Revenue reached MAD 340m in 2025 (about €31m), up from MAD 143m in 2023, with net profit of MAD 71m. Its order book stood at MAD 1.5bn at 30 June.
Why an IPO?
The company is issuing 2,625,000 new shares at between 125 and 143 dirhams, raising MAD 328m to 375m (€30m to €34m). No existing shareholder is selling. About MAD 175m goes to EPC capacity and minority stakes in power projects, so Jet Energy can secure itself as contractor; MAD 130m to bringing subcontracted work in-house, including trackers and steel; MAD 70m to West Africa, with Senegal, Côte d’Ivoire and Benin named. The prospectus also says the proceeds are meant to let the company bid for tenders requiring first-rank bank guarantees on its own balance sheet.
What does that mean for investors?
Red Med Corporate Finance valued the shares at 167 to 170 dirhams, making the range a 15% to 26% discount. It is also 7% to 22% above the 117 dirhams a share Axiom Capital paid for 6% of the company in August 2025. At the offer price Jet Energy is worth 14 to 16 times forecast 2026 profit. The business plan carries no new bank debt and pledges 40% to 60% of net profit as dividends. Sixty-four per cent of the shares are reserved for orders of at least MAD 3m; the rest has no minimum. Books close 5 November, allocation 12 November, trading from 16 November under the ticker NRJ.
What it means
The prospectus is unusually explicit about what the money is for. Jet Energy says one aim of listing is to hold enough equity to answer tenders that require first-rank bank guarantees without outside support. That is the constraint that decides which contractors can bid on large utility-scale work, and the company has put a figure on fixing it. The MAD 70m set aside for Senegal, Côte d’Ivoire and Benin is modest beside the MAD 305m staying in Morocco, and the business plan explicitly excludes any African revenue from its forecasts, so the expansion is funded but not yet counted on. For developers in those three markets, the practical read is that a Moroccan EPC contractor with a MAD 1.5bn order book is now capitalised to bid locally.
