T2S raised $120m through its Casablanca Stock Exchange listing, valuing the business at approximately $520m. The offering was oversubscribed 44 times, signalling strong investor demand from Morocco and abroad. While the listing opens a new chapter for T2S, Helios retains its position as the company’s largest shareholder, holding a 42% stake following the IPO.
The transaction follows a period of significant growth and transformation for T2S. The business has more than 30 years of operating history and has developed into an integrated medtech platform spanning medical-equipment distribution, manufacturing, digital systems and technical services, serving healthcare providers across Morocco and other African markets.
Since Helios invested in T2S in 2021, four complementary businesses have been integrated into a single platform, alongside investment in governance, management, operations, technology and commercial capabilities. This has strengthened the group’s ability to provide services across the healthcare value chain, including equipment distribution, technical support, maintenance and specialised medical technologies.
T2S has also continued to contribute to the development of Morocco’s healthcare ecosystem, supporting access to advanced medical technologies while investing in radiopharmaceutical capacity and local engineering and technical capabilities.
The listing provides T2S with greater visibility and access to capital as it enters its next phase of expansion. For the business, it marks an important milestone in its evolution from a leading Moroccan medtech company into a broader, more integrated platform with ambitions across Africa.
For Helios, the transaction demonstrates the range of pathways available to portfolio companies as they mature, with public markets providing an opportunity to broaden the shareholder base and access new capital while allowing Helios to retain a significant stake in the business.
Helios said its $460m in realised liquidity in 2025 reflects its continued focus on building businesses with the scale, resilience and institutional strength to attract their next pool of capital.
