Egyptian fintech MNT-Halan plans October IPO of its local business, offering up to 25% stake

MNT-Halan has announced plans to list its Egyptian business on the Egyptian Exchange this month, offering investors a 20% stake in one of the country’s largest non-bank lenders.

The IPO will comprise 320 million existing shares in MNT Tech Holding for Financial Investments, sold by parent company MNT Investments B.V. through an institutional placement in Egypt and selected international markets, alongside an Egyptian retail offering. The sale could increase to 400 million shares, equivalent to 25% of existing share capital, according to Zawya.

No price range has been announced. Pricing will be determined through bookbuilding, with completion expected during October, subject to regulatory approvals and market conditions.

The announcement follows the temporary listing approval we at FWDstart reported in September, when the EGX admitted 1.6 billion shares under the ticker HALN. That approval reserved a place on the exchange and gave the company six months to complete an offering; it didn’t open the shares for trading.

The transaction has two distinct parts. The public offering is entirely secondary, meaning its proceeds go to the selling parent. Afterward, MNT Investments B.V. plans to subscribe to a separate capital increase of up to EGP 4 billion at the offer price, bringing fresh money into the Egyptian business. The parent also plans to sell 24.3 million shares to senior management before trading begins, according to the intention-to-float notice seen by EnterpriseAM.

The listing covers Egypt alone. MNT-Halan’s operations in Türkiye, Pakistan and the UAE remain outside the listed entity, while the wider parent stays private.

As we at FWDstart reported in June, preliminary discussions with investors contemplated a $900 million to $1 billion valuation for the Egyptian business. Those figures were indicative, and the IPO has yet to be priced. The $1.4 billion valuation reached in an Al Ahly Capital-led round earlier that month applied to the wider group.

Founded in 2018 by Mounir Nakhla and Ahmed Mohsen, MNT-Halan has built a platform spanning consumer and business lending, payments, wallets, savings and investments. The Egyptian business reported adjusted revenue of approximately EGP 20.5 billion and net income of EGP 1.98 billion for 2025, according to Zawya.

Using Financial Regulatory Authority data for the end of 2025, the company estimates that it held 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. It also describes itself as the country’s largest non-bank SME lender by loan book.

Management plans to expand the product range, increase usage among existing customers and grow lending, while using its technology and AI to improve operating efficiency and adjusting its capital structure.

For Egypt’s tech sector, the offering will provide a fresh test of international demand for a locally listed financial services business. It follows Valu’s EGX debut in June 2025, although that listing used an in-kind dividend distribution. MNT-Halan’s bookbuild will now establish what investors are prepared to pay for its Egyptian operations, following several years of private fundraising and expansion abroad.