Algeria is gearing up for a series of initial public offerings next year, with technology company Ayrade planning to raise capital for new data centres, Bloomberg reported.

INSAG Education Group and a pharmaceutical laboratory are also under consideration for listings, Youcef Bouzenada, head of the Financial Market Authority, said in Algiers on Sunday. He did not disclose the name of the pharmaceutical company, Bloomberg added.

The country’s stock exchange has seen limited activity in recent years, but there have been notable additions. Earlier this year, Banque de Developpement Local became the sixth company officially listed, generating 464 million US dollars in its IPO. It followed Credit Populaire d’Algerie, the second state-owned lender to go public in 2024, Bloomberg noted.

Algeria, a major OPEC member with some of the continent’s largest oil and gas reserves, is seeking to strengthen its small and illiquid bourse while reducing the economy’s reliance on hydrocarbons.