An MD1.5bn ($183.5m) capital increase for Jorf Lasfar Electricity Company (JLEC), owned by Abu Dhabi National Energy Company (Taqa), reminds investors that, even if the economy is under pressure from the government’s huge subsidies bill (mainly for fuel) and the Casablanca bourse has been in the doldrums for several years, the Moroccan market has sufficient depth to mobilise substantial finance for energy and other projects. After the initial public offering (IPO), JLEC’s capital will be MD9bn. The IPO raised MD1bn via the bourse, in Morocco’s biggest IPO since 2008, with 2.2m shares priced at MD447.5 each issued on 10 December.