Egyptian fintech lending and payments company MNT-Halan plans to list 20% of its shares on the Egyptian stock exchange, creating an opportunity for investors to take part in the growth of one of Egypt’s largest fintech companies.
The initial public offering (IPO) will involve 320 million ordinary shares, representing a fifth of MNT-Halan’s issued share capital. The offering will include a private placement for institutional investors and a public offering in Egypt.
The company said the offering is expected to be completed this month, subject to market conditions and the required regulatory approvals.
MNT-Halan was founded in 2018 by Mounir Nakhla and Ahmed Mohsen and is recognised as Egypt’s first fintech unicorn, a privately held company valued at more than $1 billion. Its planned listing comes as the company continues to expand its financial services operations and customer base.
Since its establishment, MNT-Halan has disbursed about 178 billion Egyptian pounds in loans. The company calculated the value at roughly $6.1 billion based on average historic exchange rates.
It has about 1.9 million active customers. Its gross loan book stood at about 46.7 billion Egyptian pounds at the end of June, highlighting the scale of its lending operations in the Egyptian market.
The company has also expanded outside Egypt through acquisitions. MNT-Halan has bought a bank in Pakistan and a micro-leasing company in Turkey. These investments have supported its expansion into other financial services markets beyond its home country.
The planned listing follows a rise in the company’s valuation. In June, MNT-Halan said its valuation had reached $1.4 billion after it closed the initial tranche of a funding round worth more than $70 million.
MNT-Halan Chief Executive Officer Mounir Nakhla said the progress made by Egypt’s economy and capital markets over the past two years had strengthened the country’s appeal to foreign investors.
The proposed IPO will also include an employee component. About 24.3 million shares will be sold to senior employees, subject to regulatory approval.
The listing would give MNT-Halan access to Egypt’s public capital market while providing institutional and retail investors with an opportunity to invest in the company. It also comes at a time when MNT-Halan has built a sizeable lending business in Egypt and expanded its operations into Pakistan and Turkey.
The transaction remains subject to market conditions and regulatory approval. If completed, the IPO will mark an important stage in MNT-Halan’s development since its establishment in 2018 and bring one of Egypt’s leading fintech businesses into the country’s public equity market.
