MNT-Halan Debuts on the Egyptian Exchange in Egypt’s Largest IPO Since 2021

Egyptian fintech MNT-Halan began trading on the Egyptian Exchange on Tuesday, October 20, 2026, under the ticker HALN.CA, completing the country’s largest initial public offering in US dollar terms since 2021. The shares opened at the offer price of EGP 24.50, climbed as much as 18% during the session and closed at EGP 26.12, up 6.6% on the day. The close valued the listed business at about EGP 41.8 billion (around $775 million).

The listed vehicle is MNT Tech Holding for Financial Investments S.A.E., which holds the group’s Egyptian business. Its parent, MNT Investments B.V., sold 320 million existing shares, equal to 20% of the issued share capital, for EGP 7.84 billion (about $150 million), while the group’s operations in Turkey, Pakistan and the UAE stayed outside the listing.

Demand for the offering reached about EGP 126 billion. The institutional tranche of 272 million shares was covered 11.2 times, or 19.4 times excluding cornerstone commitments, with orders from more than 300 investors across more than 10 countries. The retail tranche of 48 million shares was covered 43.6 times and drew more than 41,500 subscription orders, while cornerstone investors Commercial International Bank and Redwheel committed to more than a third of the base offering.

Co-founder and chief executive Mounir Nakhla said the first day of trading matched what the company had expected, pointing to the volumes traded during the session.

“The first day of trading was aligned with our expectations.”

Because the offering was a secondary sale, the EGP 7.84 billion went to the selling shareholder rather than to the company. MNT Investments will now subscribe for up to EGP 4 billion of new shares at the offer price through a closed subscription, putting fresh capital into the Egyptian business while keeping a stake of close to 80%.

Nakhla founded MNT-Halan in 2018 with Ahmed Mohsen, the company’s co-founder and chief technology officer, and built it into one of Egypt’s largest fintech platforms, spanning lending, payments, investments and a consumer marketplace. The group pairs the Halan app with more than 1,200 distribution points across 25 governorates and holds leading positions in non-bank microfinance, SME finance and consumer finance, and the wider group was valued at more than $1 billion in a 2024 funding round.

Citigroup and EFG Hermes acted as joint global coordinators and joint bookrunners on the deal, and EFG Hermes described it as the largest Egyptian IPO by a privately owned company in a decade. The listing gives public investors a direct route into Egypt’s consumer fintech sector at scale, and it sets a reference point for other large private technology companies in the region weighing a debut on their home exchange.