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Session of 30/10/2026 · prices at 11:22 · Delayed 15 min — Source: Bourse de Tunis session of 30/10/2026 Updated 30/10/2026 at 12:06

IPOs, Rights Issues, Bonus Shares: the BVMT

Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative

An initial public offering (IPO) brings a company onto the official list; a capital increase creates new shares in an already listed company. In both cases, precise rules govern who can subscribe, at what price, and what happens to orders and share prices.

Admission and stock exchange listing

To enter the main market (marché principal), a company must notably distribute at least 10% of its share capital to the public (or 1 MDT), have at least 200 "public" shareholders (holding no more than 0.5% each, 5% for institutional investors), have capital of at least 3 MDT, and show a profit for its last two financial years (except for direct listing following a capital increase). It also provides five-year forecasts accompanied by the statutory auditor's (commissaire aux comptes) opinion, along with an asset valuation. On the alternative market (marché alternatif): placement with qualified investors and a capital increase of at least 1 MDT.

Listing procedures:

  • fixed-price offering (offre à prix ferme - OPF): orders at the offer price only;
  • open-price offering (offre à prix ouvert - OPO): price range and bookbuilding with institutional investors;
  • minimum-price offering (offre à prix minimal - OPM): limit orders centralised by the Stock Exchange, with the price being the limit of the last executed order;
  • direct listing (cotation directe), if qualifying conditions are met.

The listing notice is published at least 5 trading days before the first day of trading. Orders may be allocated across subscriber categories, according to the quantity requested and the nature of the ordering party. When the offer is oversubscribed, allocations are scaled back: the subscriber often receives fewer shares than requested. Orders unexecuted on the first day, without a specified validity, are good-till-cancelled.

During the first 2 trading sessions (main market), the band is ±30% around the reference price, with a single auction (fixing) per session; these rules cease as soon as a price is established during the first session (see reservation thresholds). From a tax perspective, capital gains on shares acquired in an IPO are exempt for individuals (article 38-17 of the Personal Income Tax and Corporate Tax Code (CIRPP); see capital gains).

Cash capital increases and preferential subscription rights (DPS)

When a company issues new shares for cash, each shareholder receives a preferential subscription right (droit préférentiel de souscription - DPS), proportional to their shares. Detached from tradeable shares, the DPS is itself tradeable during the subscription period. The shareholder may waive it; the extraordinary general meeting (AGE) may cancel it, based on reports from the board and the statutory auditor.

The subscription lasts at least 15 days from the notice in the JORT. Unsubscribed shares are allocated subject to reduction among subscribers. The capital increase may be limited to three-quarters if the AGE so provided, or automatically if the unsubscribed portion is below 5%. Subscription rights trade without any reservation threshold.

Bonus rights and bonus shares: the PGH example

A capital increase can also be carried out by capitalising reserves: the company allocates bonus shares, and the shareholder receives a bonus right (droit d'attribution). Unlike the DPS, it requires no payment, and its threshold is 25% during the first month of trading, then 250%.

The transaction by Poulina Group Holding (PGH) in 2026 provides an example. Following the AGE of 03/06/2026, the company created 9,000,180 new bonus shares, at the rate of one new share for 20 old shares: a shareholder holding 1,000 shares receives 50. Since 07/09/2026, the old shares have traded ex-rights; the "PGH26" right (ISIN TNLJGDWBLRV0) trades in Group 32, and the new shares on the same line as the old shares.

Rights detachment (ex-date)

Subscription or bonus rights are detached on the day operations begin. Two consequences follow:

  • the share price falls mechanically upon detachment (ex-date); without selling or exercising rights, the shareholder is diluted;
  • orders in the order book for the security expire upon detachment (General Regulations of the Stock Exchange / Règlement général de la Bourse, art. 101): they must be re-entered. At the end of the rights exercise period, a regularisation session is held.

Ongoing corporate actions appear in the Mizen calendar and news feed.

Frequently asked questions

How do I subscribe to an IPO in Tunisia?

By submitting a subscription order through your broker as soon as the notice is released, published at least 5 trading days before the first day of trading. Depending on the procedure (fixed price, open price, or minimum price), the order adheres to the offer price or the announced range. Orders may be allocated across subscriber categories; in the event of oversubscription, allocations are scaled back.

What is a preferential subscription right (DPS)?

A detachable right granted to shareholders during a cash capital increase, pro rata to their existing holdings. It allows subscribing to new shares on a priority basis; it can also be sold on the market during the subscription period of at least 15 days. Trading in it is not subject to any reservation threshold.

What is a bonus share right (droit d'attribution)?

It arises from a capital increase via capitalisation of reserves, requiring no cash payment from the shareholder. It confers entitlement to new bonus shares according to a ratio determined by the general meeting, for example one new share for 20 old shares at PGH in 2026. Price fluctuations are limited to 25% in the first month, and to 250%.

Where can upcoming IPOs in Tunisia be found?

The listing notice is published by the Stock Exchange at least 5 trading days before first listing, under its "Notices and Decisions" section. Mizen covers these announcements on its news feed.

What should be done with DPS rights during a capital increase?

Three outcomes are possible: exercise the rights to subscribe to new shares, sell them on the market during the subscription period, or forfeit them. Without sale or exercise, the shareholder is diluted.

Sources

General information; not tax advice and not an investment recommendation.