MNT-Halan Plans Cairo IPO With 20% Stake Sale

MNT-Halan, Egypt’s first fintech unicorn, is preparing for a stock market debut in Cairo, aiming to sell a 20% stake in its Egyptian business. This strategic move brings a company built on lending and digital payments closer to its initial public offering. The offering is targeted for completion in October, contingent on securing all necessary regulatory approvals and favorable market conditions.

The proposed offering involves 320 million shares, which is equivalent to 20% of the Egyptian company’s total issued shares. The Egyptian Exchange had previously granted a temporary listing to MNT Tech Holding for Financial Investments on September 14. This temporary listing recorded 1.6 billion issued shares, but trading cannot begin without explicit approval from the financial regulator, requiring the company to meet final listing requirements and complete its offering.

MNT-Halan’s Egyptian operation reported a significant customer base of about 1.9 million active users at the end of June. During the same period, its gross loan book reached EGP 46.7 billion. Since its inception, the company has disbursed a total of EGP 178 billion in loans, a figure it calculated at approximately $6.1 billion using historical exchange rates, noting this is not a conversion at today's rate.

This planned offering provides investors with a potential opportunity to buy into one of Egypt’s largest and most prominent technology-led financial businesses. Furthermore, the listing will serve as a crucial test of whether the country’s stock market can successfully attract substantial interest and investment in an African fintech company, potentially setting a precedent for future tech IPOs.

The broader MNT-Halan group achieved a valuation of $1.4 billion in June following a successful funding round, underscoring its rapid growth and unicorn status. Originating in Egypt, the company has strategically expanded its comprehensive suite of services, including lending, payments, and various other financial products, into international markets such as Turkey, Pakistan, and the United Arab Emirates.