IPOs

Moncef Belkhayat’s H&S Group Plans Six IPOs by 2030 with Major Restructure

Web Desk January 13, 2026

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Moncef Belkhayat’s H&S Group Plans Six IPOs by 2030 with Major Restructure

Marrakech – H&S Invest Holding has undergone a comprehensive restructuring plan, transforming into H&S Group under the leadership of founder and former minister Moncef Belkhayat. The plan targets six initial public offerings between 2026 and 2030, as the Moroccan conglomerate pursues aggressive expansion across multiple sectors.

The rebranding marks a strategic shift for the company as it enters 2026 with a consolidated revenue target of MAD 10 billion ($1 billion). The transformation goes beyond visual identity changes to encompass organizational restructuring around six distinct business units, each positioned for potential stock market listing within the next four years.

H&S Group now operates through six strategic platforms covering essential economic sectors. Dislog Group leads as the national reference in consumer products, health, hygiene, and wellness distribution.

Buildings & Logistic Services (BLS) has been renamed La Voie Express Group, positioning itself as a national leader in end-to-end supply chain services, including warehousing, transport, distribution, and integrated solutions.

WB Group maintains its regional leadership in media buying and content creation, focusing on communication strategy and high-value content production. The real estate division combines Gidna and Kaya Immobilier as one of Morocco’s leading construction and property development platforms.

Chari represents the group’s digital pillar, combining e-commerce and fintech services with the stated mission to transform distribution channels and accelerate financial inclusion. The newest addition, One Retail, launches as a platform covering restaurant, hardware, beauty, and food retail operations.

The restructuring includes wide-ranging governance changes with four new group vice-presidents appointed to oversee strategic execution.

Mehdi Bouamrani takes the role of Senior Vice-President for Group Operations, while Ali Tazi becomes Vice-President for Human Resources and Talent. Ghislaine Benlamlih assumes responsibility for Business Development and Group Project Coordination, with Zakaria Jerrari handling Finance, Administration, and Legal affairs.

H&S Group’s IPO strategy represents a fundamental shift toward public market access as a growth financing mechanism.

The planned six stock offerings correspond to the group’s business platforms, designed to accelerate growth, strengthen governance, finance expansion, and create stakeholder value.

The company has demonstrated robust financial momentum with MAD 6.6 billion ($660 million) in revenues and sustained growth metrics. Over the past fifteen years, H&S Group achieved average annual growth rates of 19% for revenue and 28% for EBITDA. The group raised nearly MAD 4 billion ($400 million) in financing over the past eighteen months.

H&S Group currently encompasses more than sixty companies operating across six structured business divisions with over 5,500 employees. The organization maintains a presence in eleven countries spanning Morocco, Africa, Europe, and Asia, reflecting its regional expansion ambitions.

The transformation coincided with H&S Group’s annual management convention, held on January 10 in Casablanca. The event brought together 400 executives to outline the 2026-2030 vision, strategic priorities, and performance objectives under the new organizational structure.

Belkhayat underlined the strategic rationale behind the restructuring in company communications. “This evolution reflects our ambition to build a complementary group, more agile across the entire value chain of the life economy, driven by synergies and leading platforms,” he stated.

“H&S Group marks a new phase of growth, governance, and value creation with the goal of MAD 10 billion in top-line revenue.”

The announcement positions H&S Group among Morocco’s most ambitious corporate expansion plans, with the IPO timeline representing one of the most aggressive public market strategies announced by a Moroccan conglomerate.

The success of these planned offerings will depend on market conditions, regulatory approvals, and the individual performance of each business platform over the coming years.