Egypt's first fintech unicorn MNT-Halan to float 20% in $1.4B IPO
What's the deal? Egyptian fintech lending and payments company MNT-Halan plans to list 20% of its shares on the Egyptian stock exchange, in one of the country's largest initial public offerings in years. The offering covers 320 million ordinary shares — a fifth of issued share capital — split between a private placement for institutional investors and a public offering in Egypt.
Why now? The company expects to complete the offering this month, subject to market conditions and regulatory approvals. Chief executive officer Mounir Nakhla said continued progress in Egypt's economy and capital markets over the past two years has strengthened the "market's appeal to foreign investors."
What's the endgame? Founded in 2018, MNT-Halan has disbursed about 178 billion Egyptian pounds of loans — worth roughly $6.1 billion at average historic exchange rates. It serves about 1.9 million active customers and held a gross loan book of about 46.7 billion Egyptian pounds at the end of June.
The firm is also expanding abroad, having bought a bank in Pakistan and a micro-leasing company in Turkey. About 24.3 million shares will be sold to senior employees, pending regulatory approval.
By the numbers: MNT-Halan is considered Egypt's first fintech "unicorn," a privately held venture company valued above $1 billion. In June, it said its valuation had reached $1.4 billion after closing the initial tranche of a funding round worth more than $70 million.
The signal: The listing follows the December 2024 flotation of United BankDealroom has a profile for this one. Try Dealroom →, when Egypt's central bank sold a 30% stake in the state-owned lender. Together, the deals point to renewed activity on the Egyptian exchange as the country courts foreign capital.
Read more: Reuters
Image credit: Generated with Gemini
