MNT-Halan IPO: shares rise 6.6% on EGX debut

The MNT-Halan IPO, Egypt’s biggest listing since 2021, raised EGP7.84bn ($150m), and the fintech’s shares closed around 6.6% above their offer price after their debut on the Egyptian Exchange on Tuesday.

Shares in MNT-Halan, which trade on the EGX under the ticker HALN.CA, finished their first day at about EGP26.12 against an offer price of EGP24.50, according to Reuters. The shares rose as much as 18% during Tuesday’s session, Bloomberg reported separately.

The offering included 320 million existing shares, or 20% of the Cairo-headquartered company’s issued share capital. They were sold by the company’s parent, MNT Investments B.V. Egyptian investment bank EFG Hermes said the initial public offering was the largest by a private Egyptian firm in 10 years. The bank acted as joint global coordinator and joint bookrunner on the deal, along with Citigroup Global Markets.

MNT-Halan IPO draws EGP126bn in demand

Demand for the shares stood at around EGP126bn ($2.4bn), EFG Hermes said. Orders for the private tranche of 272 million shares were 11.2 times oversubscribed, or 19.4 times excluding cornerstone investors. More than 300 investors from over 10 countries placed orders.

The public tranche of 48 million shares drew more than 41,500 subscription orders and was covered 43.6 times. Cornerstone investors in the offering were Commercial International Bank and UK asset manager RWC.

Subscriptions opened on 7 October and book-building for institutional investors closed on 13 October. Orders from retail investors were accepted until 15 October. The offer price was set around 5.5% below independent adviser BDO Keys’ fair value estimate of EGP25.92 a share, The Middle East Observer reported.

Under the terms of the share sale, the selling shareholder will subscribe for new shares at the offer price through a closed subscription worth up to EGP4bn ($76m). That allows fresh money to go to the listed company for expansion instead of all proceeds going to the parent.

Egypt’s largest listing since 2021

Mounir Nakhla, Founder, Chief Executive Officer and Managing Director of MNT-Halan, said the company was “proud to begin trading on the Egyptian Exchange”. He told Reuters that the demand for shares showed “how solid the underlying foundations” of the market and the company are.

Set up in 2018 but with origins stretching back to 2009, MNT-Halan provides business and consumer loans, prepaid cards, e-wallets, investment services and e-commerce through its Halan mobile app and more than 1,200 physical outlets across 25 governorates. It has some 1.9 million active customers and had extended over EGP178bn in financing as of 30 June 2026, according to the company’s listing announcement.

Revenue at the Egyptian operation rose to EGP19.8bn in 2025 from EGP13.2bn the previous year, according to Reuters, while the gross loan book totalled about EGP46.7bn at the end of June. The debut valued the Egyptian operations at close to EGP42bn (about $770m).

The wider group, which has been called Egypt’s first fintech unicorn based on the valuation of its parent company, has bought a bank in Pakistan and a micro-leasing firm in Turkey.

Why it matters for Egypt’s capital markets

The IPO is a gauge of appetite for Egyptian stocks amid regional turbulence and continued foreign selling on the EGX. It also marks the arrival of a non-bank financial company of considerable size on a bourse that has hosted few big private-sector IPOs in recent years.

The transaction lands as state-owned Banque du Caire prepares its own EGX listing in the range of EGP4.82 to EGP5.30 a share, and shortly after Moody’s upgraded Egypt’s sovereign credit rating to B3. Taken together, the two deals suggest Egypt’s IPO pipeline is starting to reopen after a long drought.

Mostafa Gad, Global Head of Investment Banking at EFG Hermes, called the transaction “a defining milestone for MNT-Halan”. EGX Chairman Omar Radwan said the exchange provided “the most efficient and equitable avenue” for companies to access liquidity and growth capital.

Investors will be keen to see whether the MNT-Halan IPO premium holds through the initial weeks of trading on the EGX. They will also be watching how the company deploys the up-to-EGP4bn closed subscription across lending, payments and its newer businesses overseas.