Egyptian fintech unicorn MNT-Halan is reportedly exploring an initial public offering (IPO) on the Egyptian Exchange (EGX), a potential move that could energize the country’s public markets and signal strong investor interest in the region’s financial technology sector.
Quick Facts
- Potential IPO on the Egyptian Exchange (EGX).
- Valuation could range from $900 million to $1 billion.
- Advisors include Citigroup and EFG Hermes.
Navigating the IPO Path
According to reports, MNT-Halan is actively working with financial heavyweights Citigroup Inc. and EFG Hermes to manage the potential transaction. The company has already engaged in preliminary discussions with investors, with a possible listing taking place as early as this year.
However, MNT-Halan has clarified that no final decision has been made. The company stated it continues to evaluate various strategic options and potential listing venues.
Valuation and Scope: Focusing on Egypt
The proposed listing would exclusively cover MNT-Halan’s Egyptian operations, with a valuation estimated between $900 million and $1 billion. This scope means the company’s other businesses in Turkey, the UAE, and Pakistan would not be part of the publicly traded entity.
This reported valuation is below the company’s last known group valuation. In 2023, UAE-based Chimera acquired a stake of over 20% for $200 million, a deal that helped MNT-Halan secure its unicorn status. The company had previously reached a group valuation of $1.4 billion during a prior funding round.
A Test for Egypt’s Tech Ecosystem
A successful listing for MNT-Halan would be one of Egypt’s most significant fintech IPOs to date and would offer investors new exposure to the country’s fast-growing digital financial services market. The move comes as IPO activity in the Gulf has slowed, potentially positioning Egypt as a more active regional equity market.
The transaction is seen as a crucial test of investor demand for high-growth tech companies on the local exchange. A strong debut could encourage more private technology firms in Egypt to view the EGX as a viable fundraising channel, shifting reliance away from private capital alone. It would also join a pipeline of expected offerings from state-affiliated companies like Banque du Caire and Misr Life Insurance, further deepening the market.
About MNT-Halan
Founded in 2018, MNT-Halan is a fintech company that provides a range of digital financial services. Through its app and physical locations, it offers business and consumer loans, prepaid cards, e-wallets, investments, and e-commerce services, primarily targeting individuals and businesses with limited access to traditional banking.
Source: Waya
