Egypt’s First Fintech Unicorn MNT-Halan Files to List 20% Stake in $1.4 Billion Cairo IPO

CAIRO — MNT Tech Holding for Financial Investments, the parent company of Egyptian fintech unicorn MNT-Halan, has formally filed to float a 20% equity stake in its local operating arm on the Egyptian Exchange (EGX).

The initial public offering will entail the secondary sale of 320 million existing shares out of the Egyptian entity's 1.6 billion total issued shares, trading under the ticker HALN.CA. The transaction follows a June funding round led by Al Ahly Capital that valued the wider MNT-Halan group at $1.4 billion. EFG Hermes and Citigroup are serving as joint global coordinators and bookrunners for the transaction.

Structure of the Egyptian Exchange Debut

The offering is structured as a secondary share sale by the parent vehicle, meaning initial public proceeds will be collected at the holding level. Following the completion of the public tranche, the parent company will execute a primary capital increase of up to EGP 4 billion (approximately $82.7 million) at the final IPO price, reinvesting new equity directly back into the listed Egyptian operating subsidiary.

Additionally, MNT Tech Holding will allocate 24.3 million shares to senior management prior to the commencement of public trading. The public offering covers MNT-Halan’s Egyptian operations exclusively, while international entities across Pakistan, Turkey, and the United Arab Emirates will remain held under the private parent structure.

Market Position and Non-Bank Lending Scale

Co-founded by Chief Executive Officer Mounir Nakhla and Chief Technology Officer Ahmed Mohsen, MNT-Halan has established itself as Egypt's largest non-bank financial institution. The enterprise holds a 24.3% market share in non-bank microfinance by loan book value and controls 14% of annual non-bank consumer finance disbursements nationwide.

As of mid-2026, the company reported 1.9 million active customers and a gross loan book of EGP 46.7 billion(approximately $966 million). Since its inception, the platform's proprietary technology ecosystem, spanning digital micro-loans, buy-now-pay-later (BNPL) consumer credit, e-commerce, and digital wallets, has disbursed more than $15.5 billion in cumulative credit to over 8 million individual and micro-business clients.

Testing Foreign Institutional Liquidity and Regulatory Capital

The transaction serves as a crucial benchmark for foreign capital inflows on the Egyptian Exchange. While the benchmark EGX30 index has gained over 26% year-to-date, foreign portfolio investors have remained net sellers across Cairo equity markets. MNT-Halan’s listing is expected to gauge international demand ahead of planned state-backed market flotations, including Banque du Caire and Misr Life Insurance.

Under Egyptian Exchange regulations, shareholders maintaining a stake of 10% or greater at the time of listing are subject to a two-year lock-up requirement covering at least 51% of their holding. The influx of fresh equity from the secondary reinvestment will support MNT-Halan's strategic expansion plans, including product diversification, AI-driven credit scoring efficiency, and regulatory capital compliance under tightened Central Bank of Egypt and Financial Regulatory Authority consumer lending rules.

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