MNT-Halan has opened subscription for the Cairo Stock Exchange listing of MNT Tech Holding, its Egyptian operating business, at EGP 24.5 per share. The base offering covers 320 million existing shares, representing a 20 per cent stake and targeting gross proceeds of approximately $150 million at a company valuation of around $750 million. The offering includes an option to upsize to 25 per cent of the company if demand justifies it. Trading is scheduled to begin on 20 October.
More than a third of the base offering has already been covered through anchor commitments from Commercial International Bank, Egypt’s largest listed private bank, and London-based asset manager Redwheel. The anchor participation is a material signal: it reduces placement risk and gives retail and institutional subscribers a reference point on pricing confidence. The issue price is set at a discount to comparable listed peers, a deliberate choice to leave secondary-market upside for new investors.
Mounir Nakhla, founder and chief executive, said the same transaction would have raised only $30 million to $40 million in early 2024, a period when Egypt’s currency crisis and foreign-exchange controls had effectively frozen inbound portfolio capital. The Egyptian pound has since been floated and an IMF programme is in place, changes that have materially improved the risk profile for foreign investors considering the market.
What the deal tests
Beyond MNT-Halan’s own fortunes, the listing functions as a live stress test for Egypt’s capital markets infrastructure and their ability to attract international institutional money. Egypt has not produced a fintech IPO of this size in five years, and the Gulf’s own IPO pipeline has decelerated in 2026 following a run of large state-linked listings in Saudi Arabia and the UAE. A clean execution and active secondary trading would encourage other late-stage Egyptian and MENA fintechs that have delayed exit plans to revisit the public-markets route.
MNT-Halan’s business model spans consumer lending, buy-now-pay-later, digital payments and e-commerce logistics, serving underbanked Egyptians who remain largely outside the formal banking system. The company traces its origins to Halan, a 2017 ride-hailing app for tuk-tuks and motorbikes in low-income urban neighbourhoods, which subsequently merged with Mounir Nakhla’s microfinance operation to build a broader financial services stack. That history of serving thin-file borrowers through non-traditional channels is central to its positioning as a financial-inclusion play for institutional investors with emerging-markets or impact mandates.
Regional context
The listing arrives alongside a cluster of other MENA fintech activity. NEOPAY has agreed to acquire a 65 per cent controlling stake in noon payments, extending consolidation in the UAE acquiring and payments infrastructure space. Saudi-based SME financing platform erad closed a $22 million Series A led by MEVP, continuing a run of mid-sized lending rounds in the Kingdom. On the institutional rails side, Mashreq Bank completed a live tokenised deposit transaction with Citi on Swift‘s blockchain ledger, and Commercial Bank of Dubai became the first bank outside Europe to join the Commercial Bank Money Token network, a sign that Gulf lenders are moving from pilot to production on wholesale digital money infrastructure.
For MNT-Halan specifically, the path from IPO to a durable public-market premium will depend on post-listing disclosures around credit quality, non-performing loan ratios and the unit economics of its lending book. International investors familiar with Egyptian consumer credit will want granular data before expanding positions in secondary trading.
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