MNT-Halan kicks off blockbuster IPO, with 20% up for grabs

🔔 The IPO we’ve all been waiting for is here. MNT Tech Holding for Financial Investments, the Egyptian arm of fintech group MNT-Halan, said this morning that it will list on the EGX. The parent plans to sell 320 mn shares, equivalent to a 20% stake, in a fully secondary offering open to both institutional and retail investors, according to an intention-to-float notice seen by EnterpriseAM.

This is set to be one of the largest IPOs Egypt has seen in years, and bankers are wagering it can do what no recent listing has: pull foreign institutional money back into the market. Interest has been high across in-person and virtual roadshows in the UK, the GCC, the US, and beyond, as we’ve previously reported. MNT’s bankers were pitching investors on a valuation of up to USD 1 bn for the Egypt arm alone when they began testing the waters in June.

Why it matters: Foreigners have been net sellers of EGX equities all year. Strong international appetite for MNT could see investors stick around in the market long enough that they’ll look at other would-be issuers in the EGX’s IPO pipeline. Among them: the hotly anticipated offering of Banque du Caire as well as Misr Life.

Bankers are pushing to get MNT over the finish line quickly, with trading expected to begin before the end of this month provided all regulatory approvals come through. The ITF gave no price range. The offer price will be set through a book-build based on investor demand.

Fresh capital comes later: All 320 mn shares are secondary, sold by parent MNT Investments B.V. for a 20% freefloat against the 1.6 bn shares. Separately, after the offering, the parent will subscribe to a closed capital increase of up to EGP 4 bn in new shares at the offer price, so the fresh capital into the company comes from the parent rather than the public. The parent will also sell 24.3 mn shares to senior management before trading starts, the notice shows.

What they’re saying: “We are confident in the continued development of Egypt’s capital markets, and we hope more companies are encouraged to tap the Egyptian market and help draw further foreign capital into the country. I am proud to see MNT-Halan at the forefront of this trend,” Founder and CEO Mounir Nakhla said in the notice.

What’s actually being sold

Only the Egyptian business is going public. The corporate parent — which also owns arms in Pakistan, Turkey, and the UAE — is staying private. None of those operations are part of the listing. That matters for anyone pricing off the group’s headline number: the parent reported a USD 1.4 bn valuation in June on the first close of a round led by Al Ahly Capital, the first time a commercial bank has taken equity in the business.

The pitch: MNT holds 24.3% of Egypt’s non-bank microfinance market by loan book value and 14% of the non-bank consumer finance market by annual disbursements, while ranking as the country’s largest non-bank SME lender by loan book, by its own count. The estimates are based on FRA market data as of end-2025. For foreign funds, MNT would offer one of very few listed routes into consumer credit in a market of some 109 mn people.

Where growth comes from next: Nakhla’s plan has five parts. MNT wants to widen its product range, get existing customers using more of it, push disbursements higher, use its own tech and AI to drive sustainable operating leverage, and optimize its capital structure.

WHAT’S NEXT- MNT is seeking the FRA and EGX approvals it needs for the offering, which it expects to complete during October, subject to market conditions, according to the notice. Once approved, retail investors will subscribe on the basis of a public subscription notice reviewed by the FRA, while institutions get an international offering circular.

What to watch for: Will the company announce the names of cornerstone investors? Offerings this size usually have them. Cornerstones are promised a fixed allocation for committing early, so who signs up says a lot about demand — and about who the company wants on its shareholder list.

ADVISORS- Our friends EFG Hermes are joint global coordinators and joint bookrunners along with Citi. Gibson Dunn & Crutcher (US and English law) and Matouk Bassiouny & Hennawy (Egyptian law) are advising MNT-Halan and the selling shareholder. White & Case (US and English law) and MHR & Partners in association with White & Case (Egyptian law) are counsel to the bookrunners. KPMG Hazem Hassan is the auditor, while BDO Keys Financial Consulting is the independent financial advisor.

WATCH THIS SPACE- Nakhla will be on stage at the EnterpriseAM Egypt Forum on Monday to talk about the listing.

^^ We’ll have market reax and more analysis on this story in Sunday’s edition of EnterpriseAM.