Egyptian fintech company MNT-Halan has begun trading on the Egyptian Exchange (EGX) following a strong response to its initial public offering (IPO).
Founded in 2018, MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions. The MNT-Halan digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce.
Since inception, MNT-Halan has disbursed over US$15.5 billion in loans and served more than 8 million customers globally. Through its subsidiaries, including Halan and Tasaheel, the group has served around 7.9 million customers since launch and has roughly 1.9 million active customers annually. It had disbursed more than EGP178 billion (US$3.3 billion) in financing.
In the meantime, the company has also become a unicorn, raising several significant funding rounds, most recently earlier this month, and it has now listed on the EGX. MNT-Halan, which lists under the ticker HALN.CA, marked the milestone with a bell-ringing ceremony in Cairo yesterday (October 20), attended by government officials, regulators, EGX leadership and representatives of the banks and advisors involved in the deal.
The IPO saw MNT Investments B.V. sell 320 million existing shares, equal to 20 per cent of MNT-Halan’s issued share capital. Of these, 272 million shares went to the private tranche and 48 million to the public tranche.
Demand was strong across the board. The private tranche was 11.2 times oversubscribed, rising to 19.4 times when cornerstone investors are excluded. The public tranche was 43.6 times oversubscribed, with more than 41,500 subscription orders received.
“The strong demand for our IPO reflects investors’ confidence in Egypt, the financial ecosystem we have built, and our growth trajectory,” said Mounir Nakhla, founder and CEO of MNT-Halan.
“As we enter this next phase, we remain focused on broadening our product ecosystem, deepening customer engagement and leveraging our proprietary technology to reach more customers and drive sustainable growth.”
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