Algeria Bourse Posts Sevenfold Jump in Market Cap After Bank IPO

Algeria’s main stock market swelled sevenfold on Tuesday, approaching a $4 billion market capitalization after the initial public offering of state-controlled bank Credit Populaire d’Algerie.

The biggest listing in the Algiers Stock Exchange’s three-decade history raised 112 billion dinars ($833 million) for the bank known as CPA, which became only the fifth firm to float shares locally in the North African nation. That took the exchange’s total market cap to 532 billion dinars from 72 billion dinars, according to data on its website.