After several years marked by the scarcity of new introductions, the Tunis Stock Exchange is questioning the conditions for a relaunch of IPOs in 2026. A presentation published by its Development Department highlights an improvement in the market context, while pointing out several structural obstacles, including the disappearance of the old tax advantage granted to companies listing on the Exchange.
The essentials
After two years with no IPO in 2023 and 2024, BNA Assurances joined the listing in 2025.
In 2026, the BVMT emphasizes a more favorable environment: the Tunindex had risen by 44.92% as of August 17 and capital traded on equity titles had increased by 105% over one year.
The relaunch, however, remains confronted with several challenges, notably the removal in 2025 of the old tax advantage granted to companies listing on the Stock Exchange.
The Tunis Stock Exchange brings the question of IPOs back to the fore. In a presentation from its Development Department titled “IPO Dynamics on a Global Scale and in Tunisia – Trends and Perspectives” and dated August 2026, the BVMT surveys nearly two decades of Tunisian IPOs, contrasts this trajectory with major international trends and directly asks the question of a “window of opportunity” to relaunch listings in 2026.
The assessment is mixed. Between 2008 and 2025, the Tunis market recorded 41 IPOs, against 16 delistings, for a net positive balance of 25 companies and a ratio of 2.6 IPOs per delisting. BVMT presents this evolution as more favorable than what has been observed on several international markets, even as the number of listed companies globally has tended to decline since 2021.
This long-term balance sheet, however, masks a clear slowdown. After the peak observed in 2012-2013, the pace of introductions gradually slowed from 2017 to settle around one operation per year. No IPO was recorded in 2023 and 2024, before the arrival of BNA Assurances in 2025. Over the entire period 2008-2025, the 41 introductions recorded raised 1.451 billion dinars.
It is precisely this prolonged lull that gives more weight to the 2026 situation. BVMT notes that several indicators are now converging toward a market-financing-friendly environment. It cites a Tunindex up by 44.92% as of August 17, capital traded on equity titles having more than doubled in one year to reach 2.532 billion dinars, i.e., +105%, inflation brought down to 5.1% in July, falling interest rates, and more than 29.8 billion dinars in circulation according to the indicators of the BCT.
However, this macroeconomic improvement is not enough to guarantee a return of IPOs. The presentation also highlights several structural issues: some major sectors of the economy, notably telecommunications, energy, and mining, remain absent from the listing; the alternative market has recorded no IPO since its 2019 reorganization; and the presence of institutional investors remains a central element to deepen the market.
Added to this is a major change: the removal in 2025 of the tax advantage granted to companies listing on the Stock Exchange. BVMT believes this development could weigh on the future dynamics of IPOs and mentions, in particular, the possibility of adapting the regulatory framework and re-examining the incentive schemes for listing.
Thus, the question posed by the Tunis Stock Exchange goes beyond simply the return of a few companies to the market. It concerns the ability of the exchange to translate a more favorable stock market environment into a durable revival of corporate financing through listing, in a setting where one of the principal historical tax incentive schemes has disappeared.
