Moroccan tycoon Mohamed Adil Rtabi’s Jet Energy targets $38 million IPO

Moroccan tycoon Mohamed Adil Rtabi is preparing to take his renewable-energy business public, with Jet Energy seeking to raise up to $38.2 million through an initial public offering on the Casablanca Stock Exchange to finance its expansion across solar energy and electrical infrastructure.

Morocco’s Capital Market Authority approved Jet Energy’s IPO prospectus on October 21, clearing the way for the company to issue 2.625 million new shares at between 125 and 143 Moroccan dirhams apiece. The offering is expected to raise between 328.1 million and 375.4 million dirhams, depending on the final share price.

Subscriptions are scheduled to run from November 2 to November 5, with the final price expected on November 11 and trading set to begin on November 16 under the ticker NRJ. The newly issued shares will represent 20% of Jet Energy’s capital after the offering, with the proceeds going to the company rather than existing shareholders.

The planned listing comes as Jet Energy reports a substantial pipeline of secured work. Its order book stood at approximately 1.492 billion dirhams, or $152 million, at the end of June 2026, equivalent to 4.4 times its 2025 revenue. Solar engineering and construction contracts accounted for about $92.5 million, while electrical-infrastructure projects contributed approximately $59.5 million.

Rtabi founded Jet Contractors in 1992 and remains chairman of the Casablanca-listed construction group, which expanded from building façades and metal structures into infrastructure, engineering and renewable energy. Jet Energy operates as its solar and electrical-infrastructure subsidiary, developing and maintaining photovoltaic installations, battery-storage systems and related infrastructure.

The company has completed more than 100 projects and installed over 330 megawatts of solar capacity across Morocco, Senegal, Ivory Coast and Mali. Its projects include a 202-megawatt solar programme for Morocco’s state-controlled phosphate producer OCP, covering installations at Benguerir and Khouribga alongside battery-storage infrastructure.

The IPO proceeds are intended to support Jet Energy’s expansion, including investment in its solar engineering and construction capacity, industrial operations, battery storage and international markets. Management has identified West Africa as a priority, estimating that between 1.5 and two gigawatts of solar projects could become available across its target markets by 2030.

The company also plans to offer electrical-infrastructure services to clients outside the Jet Contractors group from 2028, potentially reducing its reliance on contracts generated through its parent company.

Jet Energy recorded revenue of 340 million dirhams in 2025, up from 230 million dirhams in 2024, while net profit increased to 71 million dirhams from 51 million dirhams. Management projects revenue of 547 million dirhams in 2026, rising to approximately 1.165 billion dirhams by 2030, with net profit potentially reaching 191 million dirhams.

Those longer-term figures are company projections, not guaranteed outcomes. The planned listing would give public-market investors direct exposure to Jet Energy while providing the company with additional capital to pursue larger solar, storage and infrastructure contracts across Africa.

The move adds to a wider wave of Moroccan companies seeking public-market funding. Moroccan construction group SGTM, whose chairman M’hammed Kabbaj holds a stake worth about $1.72 billion, recently attracted attention with its own Casablanca listing, underscoring investor interest in the country’s construction and infrastructure sector.