The sectoral representation at the Tunis Stock Exchange remains incomplete, despite the presence of several lines of activity among listed companies, according to a study dedicated to the “Dynamics of IPOs at global and national levels: trends and perspectives – August 2026”.
The study highlights a genuine diversification of the Tunisian market, while underscoring the absence or underrepresentation of certain strategic sectors that could strengthen the attractiveness of the financial market.
The distribution sector leads
According to the data presented, the distribution sector remains the most represented, with 8 listed companies.
The other sectors listed on the market include notably :
- health: 1 company;
- food processing and beverages: 4 companies;
- financial services: 4 companies;
- household products: 5 companies;
- construction and construction materials: 5 companies;
- technology companies: 3 companies;
- telecommunications: 1 company;
- insurance: 1 company;
- consumer goods and services: 2 companies.
This distribution shows a certain diversity, but it remains insufficient relative to the structure of the Tunisian economy.
Energy, mining and telecommunications still underrepresented
The Tunis Stock Exchange notes that several important economic sectors remain absent or underrepresented on the market, in particular telecommunications, energy and mining, among others.
The IPO of companies active in these domains could, according to the study, help to dynamize the market, further diversify investment opportunities and strengthen its attractiveness.
The presence of new sectors would also be an important lever to attract new investors to Tunisia.
The “cash in” accounts for 49% of IPOs
The study also looked at the modalities used during IPOs.
The so-called “cash in” mechanism, which involves injecting new capital into the company through the issuance of new shares, is the main formula used. It accounts for 49% of all IPO operations on the Tunis Stock Exchange.
Moreover, 20% of listed companies opted for a mixed operation, combining both the issuance of new shares and the sale of old shares held by existing shareholders.
The Stock Exchange as a tool for financing growth
According to the Tunis Stock Exchange, this structure confirms that the stock market primarily plays a role in financing companies, and is not merely a mechanism allowing historic shareholders to cede their stakes.
Nearly one in two IPOs thus mainly aims to bring in new financing to support growth and the expansion of the company.
The expansion of the listing to new sectors thus appears as one of the main challenges to strengthen the depth of the Tunisian financial market and to increase its attractiveness to investors.
