Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
MNT-Halan, Egypt’s leading lending and payments platform, began trading on the Egyptian Exchange (EGX) on Tuesday.
The listing under the ticker symbol HALN.CA capped the country’s biggest initial public offering in at least five years and marks a big month for Africa as the continent rides an unprecedented IPO wave.
“We are proud to begin trading on the Egyptian Exchange, marking an important milestone in our journey. 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, Chief Executive Officer and Managing Director of MNT-Halan.
Shares in MNT-Halan were offered at 24.50 Egyptian pounds each and closed the first session on the EGX at about 26.12 pounds, a gain of roughly 6.6% on its very first day of trading. The listing values the Egyptian company at nearly 42 billion Egyptian pounds, equivalent to approximately $770 million. EFG Hermes, which advised the firm on the offering, dubbed it Egypt’s largest listing in dollar terms since 2021.
Founded in 2018, MNT-Halan is one of Egypt’s leading FinTech platforms, delivering an integrated suite of financial services across borrowing, payments, investments, and consumer marketplace products. The company relies on a hybrid distribution model, combining a consumer-facing mobile app called the Halan app with a physical network of more than 1,200 distribution points across 25 of Egypt’s governorates.
MNT-Halan recorded 19.8 billion Egyptian pounds in revenue in 2025, up from 13.2 billion Egyptian pounds the year before. Since its inception, the company has disbursed about 178 billion Egyptian pounds in loans, estimated to be worth about $6.1 billion and holds a gross loan book of about 46.7 billion Egyptian pounds. The Egyptian business has also bought a bank in Pakistan and a micro-leasing company in Turkey.
In June, the company closed an initial tranche of a funding round exceeding $70 million, which gave it unicorn status with a valuation of around $1.4 billion. The IPO comprised the sale of 320 million existing ordinary shares by MNT Investments B.V., representing 20% of MNT-Halan’s issued share capital.
In a statement, the company said the private tranche was 11.2 times oversubscribed and 19.4 times when cornerstone investors were excluded. The public tranche was 43.6 times oversubscribed, attracting more than 41,500 subscription orders. Ahead of the listing, Commercial International Bank (CIB) announced it would purchase shares in the international offering for an aggregate investment of up to $38.23 million (2 billion Egyptian pounds).
“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. We thank the Egyptian government, the CBE, the FRA, the EGX, our banking partners, asset managers and everyone who contributed to bringing this offering to fruition. We are also grateful to every international investor, family office, and individual who are helping us create a lasting, positive impact in Egypt,” added Nakhla.
“MNT-Halan has demonstrated an inspiring model of how ambitious ideas and ventures can evolve into leading institutional entities capable of leveraging technology and innovation to serve millions of citizens,” said Omar Radwan, Chairman of the Egyptian Exchange (EGX).
The MNT-Halan offering follows the December 2024 listing of United Bank, when Egypt’s central bank sold a 30% stake in the state-owned lender, and is seen as another sign of growing momentum in Egypt’s capital markets and growth of technology startups in the country.
