MNT-Halan’s EGP7.84bn IPO marks public-market milestone for AT50 Index

MNT-Halan’s Egyptian business has begun trading on the Egyptian Exchange following an EGP7.84 billion initial public offering, marking the first completed stock-market listing involving an AT50 Index constituent since the benchmark’s launch in January 2026.

The October 20 debut of MNT Tech Holding for Financial Investments provides an important reference point for Africa’s private technology companies, demonstrating a route to public ownership, shareholder liquidity and broader investor participation through an African exchange.

The listing comes less than a month after MNT-Halan participated in the AT50 Cairo Market Open, hosted by the Egyptian Exchange on September 22.

That gathering brought private technology companies together with exchanges, regulators and institutional investors to discuss the pathways from private-market scale to public-market participation.

According to EFG Hermes, the transaction was Egypt’s largest IPO in US dollar terms since 2021 and its largest IPO by a private company in a decade.

The offering comprised 320 million existing shares sold by MNT Investments B.V. at EGP24.50 each, representing 20 per cent of the Egyptian company’s issued share capital before a planned post-offering capital increase.

Investor demand reached approximately EGP126 billion. The institutional tranche was oversubscribed 11.2 times, attracting orders from more than 300 investors across over 10 countries.

The retail tranche was oversubscribed 43.6 times, with more than 41,500 subscription orders. Citi and EFG Hermes acted as joint global coordinators and joint bookrunners.

Following the secondary share sale, the parent plans to subscribe for additional shares worth up to EGP4 billion, providing fresh capital to support the Egyptian business’s next phase of growth. The listing covers the Egyptian operations, while the wider group’s international businesses remain outside the listed entity.

The Egyptian business reported EGP19.8 billion in revenue and EGP1.98 billion in net profit for 2025. It had approximately 1.9 million active customers and a gross loan book of EGP46.7 billion at the end of June 2026.

Gbite Oduneye, chairman Indexa Exchange Group, said: “Mounir Nakhla, Ahmed Mohsen and the wider MNT-Halan team have built a business of substantial scale. Bringing its Egyptian operations to the public market, with strong participation from domestic and international investors, is a significant achievement.

“For Africa’s technology sector, the importance extends beyond this transaction. Public markets can provide shareholder liquidity, broaden ownership and support the next stage of business financing. Those pathways deserve greater attention across the continent, including in Nigeria.

“For AT50, this is the first completed listing involving a constituent since launch. It gives investors, companies and exchanges a tangible reference point as we track the development and institutional readiness of Africa’s private technology businesses.”

Developed by Indexa Exchange Group, AT50 is a rules-based benchmark covering 50 leading private African technology companies.

It launched at the London Stock Exchange on 28 January 2026, followed by market opens at the Johannesburg Stock Exchange in July and the Egyptian Exchange in September. Its framework assesses companies across valuation momentum, revenue strength, liquidity visibility, governance maturity, strategic expansion and market signal.

At the invitation of Egyptian Exchange Chairman Omar Radwan, Indexa Exchange Group was represented at MNT-Halan’s commencement-of-trading ceremony by Oduneye and members of its Capital Markets Readiness Council.

“The next generation of African public companies is already being built in private markets,” Oduneye added. “The task is to build the reporting discipline, institutional familiarity and market infrastructure that help more of those businesses make that transition.”