Offering attracts approximately EGP 126 billion in demand, with the retail tranche oversubscribed 43.6 times; selling shareholder to subscribe for additional shares worth up to EGP 4 billion
EFG Hermes, the investment bank of EFG Holding, announced the successful completion of its role as Joint Global Coordinator and Joint Bookrunner on the initial public offering (IPO) of MNT Tech Holding for Financial Investments S.A.E., known as MNT-Halan, on the Egyptian Exchange (EGX).
Priced at EGP 24.50 per share, the offering raised a total of EGP 7.84 billion, making it Egypt’s largest IPO since 2021 in US dollar terms and the largest IPO by a private company in a decade, according to the company’s announcement. The transaction marks a significant milestone for Egypt’s capital markets, providing investors with access to one of the country’s leading fintech platforms, with a substantial customer base, strong financial growth, and nationwide reach.
Offering comprises 320 million shares
The IPO comprised a secondary offering of 320 million ordinary shares held by MNT Investments B.V., the selling shareholder, representing 20% of MNT-Halan’s issued share capital.
The offering was structured into two tranches: a private tranche for qualified investors and a public tranche open to retail investors in Egypt.
Following completion of the offering, the selling shareholder intends to subscribe for additional shares through a closed subscription at the offer price, for an aggregate amount of up to EGP 4 billion. The additional subscription is expected to provide MNT-Halan with fresh capital to support its next phase of growth.
Total subscription demand reaches EGP 126 billion
The offering attracted strong demand from regional and international institutional investors, regional family offices, local institutions, and retail investors. Commercial International Bank (CIB) and RWC also participated as cornerstone investors.
The private tranche was oversubscribed 11.2 times, rising to 19.4 times when excluding cornerstone investors, while the public tranche was oversubscribed 43.6 times. Total demand reached approximately EGP 126 billion.
The private tranche received orders from more than 300 investors across more than 10 countries, while the public tranche attracted over 41,500 subscription orders, highlighting broad investor interest in MNT-Halan’s business model and growth prospects.
EFG Hermes highlights the significance of the transaction
Mostafa Gad, Global Head of Investment Banking at EFG Hermes, said the successful execution of Egypt’s largest IPO since 2021 represents a defining milestone for MNT-Halan and an important development for the Egyptian capital market.
He noted that MNT-Halan combines leadership in core lending segments with a technology-enabled hybrid distribution model and strong financial performance, creating an attractive proposition for investors seeking exposure to Egypt’s evolving financial services sector.
Gad added that the transaction demonstrates EFG Hermes’ ability to execute major capital markets mandates by combining extensive execution expertise with a broad network of domestic and international investors. He also expressed the firm’s pride in supporting MNT-Halan at this pivotal stage of its growth journey.
MNT-Halan serves approximately 1.9 million active customers
MNT-Halan operates across Egypt’s microfinance, small and medium-sized enterprise (SME) financing, and consumer finance markets, combining digital access with an extensive physical distribution network.
The company serves approximately 1.9 million active customers through the Halan App and more than 1,200 physical distribution points across 25 governorates, enabling it to reach a broad range of customers nationwide.
Supporting the development of Egypt’s capital markets
The IPO comes amid renewed interest from foreign investors in the Egyptian market, creating a more constructive environment for equity issuance, according to EFG Hermes.
The transaction expands the range of companies available to investors on the EGX, broadens sector exposure, and strengthens the representation of the non-bank financial services sector in Egypt’s public markets.
For EFG Hermes, the offering adds a landmark transaction to its regional equity capital markets track record, reinforcing its ability to connect leading businesses with domestic and international investors. For the EGX, it highlights the role of public markets in supporting the growth of major Egyptian businesses and expanding investment opportunities across emerging sectors.
