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Egyptian fintech lending and payments company MNT-Halan is planning to sell 20% of its issued share capital through an initial public offering (IPO) on the Egyptian stock exchange, in a listing that could rank among the country’s largest in recent years.
The fintech, founded in 2018, is regarded as Egypt’s first fintech unicorn, a privately held venture-backed company valued at more than $1 billion. MNT-Halan said the proposed offering is expected to be completed this month, subject to market conditions and the required regulatory approvals.
MNT-Halan targets 20% public offering
The proposed IPO comprises 320 million ordinary shares, representing one-fifth of MNT-Halan’s issued share capital.
The offering will combine a private placement targeting institutional investors with a public offering for investors in Egypt, according to the company.
A further 24.3 million shares are expected to be sold to senior employees, subject to regulatory approval.
The planned listing comes as Egypt’s capital markets seek to attract more companies and investment following a period of economic and financial reforms.
MNT-Halan Chief Executive Officer Mounir Nakhla said improvements in Egypt’s economy and capital markets over the past two years have increased the country’s appeal to international investors.
Fintech builds large lending portfolio
Since its establishment, MNT-Halan has disbursed approximately 178 billion Egyptian pounds in loans.
The company calculated the cumulative value at around $6.1 billion based on average historical exchange rates, highlighting the scale of its lending operations since entering the market.
MNT-Halan had approximately 1.9 million active customers as of the latest reporting period, while its gross loan book stood at about 46.7 billion Egyptian pounds at the end of June.
The company operates across lending and payments, positioning itself as a digital financial services provider serving consumers and businesses.
Its expansion has also extended beyond Egypt. MNT-Halan has acquired a bank in Pakistan and a micro-leasing company in Turkey as part of its international growth strategy.
Valuation reaches $1.4 billion
MNT-Halan’s planned IPO follows a recent increase in its private-market valuation.
In June, the company said its valuation had risen to $1.4 billion after it completed the initial tranche of a funding round exceeding $70 million.
The valuation maintained the company’s status as one of the most prominent privately backed fintech businesses to emerge from Egypt’s financial technology sector.
The IPO will now provide a route for existing shareholders to sell part of their holdings while giving public-market investors access to the company.
Listing adds momentum to Egypt’s IPO market
The MNT-Halan offering follows the December 2024 listing of United Bank, in which Egypt’s central bank sold a 30% stake in the state-owned lender.
That transaction formed part of a broader effort to deepen Egypt’s capital markets and increase private-sector participation.
MNT-Halan’s planned listing brings a privately founded fintech into the public market and could further broaden the range of companies represented on the Egyptian exchange.
For the fintech sector, the transaction also illustrates how rapidly scaled digital financial services businesses are increasingly moving from venture-backed growth models towards public-market funding and shareholder participation.
The completion of MNT-Halan’s IPO remains subject to market conditions and regulatory approvals, with the company targeting the offering for this month.
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