• Labeled start-ups can list on the Algiers Stock Exchange without IPO fees

• The measure applies to capital raises of up to DZD500m between 2026 and 2028

• Authorities aim to channel more start-ups toward equity financing

Algeria has introduced a temporary incentive allowing labeled startups to raise funds on the Algiers Stock Exchange without paying IPO-related fees, as part of efforts to widen access to market-based financing. The measure, announced on Feb. 1, will run until 2028.

The exemption was jointly unveiled by the Stock Market Regulatory Authority (COSOB), the Algiers Stock Exchange operator (SGBV), and Algeria Clearing. It applies to listings carried out through the “Growth” segment; a market compartment designed for high-potential companies.

Under the scheme, eligible start-ups are fully exempt from fees linked to regulatory approval of offering documents, stock market admission, and the administration, custody, and management of securities. The measure covers fundraising operations capped at DZD500 million, or about $3.85 million, and applies to all transactions initiated between 2026 and 2028.

By removing entry costs that often deter young companies, authorities are seeking to ease a key barrier to using the stock market as an alternative source of financing. Algeria currently counts more than 7,800 start-ups registered on the official startup.dz platform, of which around 2,300 hold the official “start-up” label.

The initiative forms part of a broader policy push to support entrepreneurship and innovation, which the government sees as central to diversifying the economy. It also comes as the Algiers Stock Exchange remains small in scale, with just eight listed securities at the end of the first half of 2025, including the recent listings of Banque de Développement Local (BDL) and start-up Moustachir.

So far, Moustachir is the only Algerian start-up to have gone public. Listed in 2024, the company set revenue targets of more than DZD55 million for 2025, with projections exceeding DZD187 million by 2028. In less than two years, it has expanded into several Middle Eastern markets, including Oman and the United Arab Emirates.

Samira Njoya