MNT-Halan Makes a Strong Market Debut
MNT-Halan, an Egyptian fintech company led by entrepreneur Mounir Nakhla, witnessed a remarkable 6.6% increase in its share price during its initial trading day in Cairo. With a market capitalization approaching EGP 41.8 billion (approximately $775 million), this debut marks a significant milestone in the Egyptian financial market.
Impressive Opening and Initial Public Offering
The company’s shares opened at EGP 24.50 ($0.45) on the Egyptian Exchange and experienced early gains, reaching EGP 28.91 ($0.54) before closing at around EGP 26.12 ($0.48). This first-day performance aligns with the expectations set by Nakhla, CEO of MNT-Halan, who noted substantial trading volumes. The initial public offering (IPO) was Egypt’s largest in dollar terms since 2021, amassing EGP 7.84 billion ($145 million) and representing the biggest listing by a private firm in a decade, according to EFG Hermes, which facilitated the deal.
Strong Investor Demand
The IPO attracted significant interest, with bids totaling about EGP 126 billion ($2.3 billion). The retail segment alone saw demand for 48 million shares, with coverage at an impressive 43.6 times, receiving over 41,500 orders. Institutional investors also showed enthusiasm, applying for shares at a rate of 11.2 times the allotted amount, which jumped to 19.4 times when excluding cornerstone commitments. Notably, over 300 investors from more than ten countries participated in the offering, illustrating robust international appeal.
Granary players such as Commercial International Bank, Egypt’s foremost private lender, and the London-based investment firm Redwheel acted as cornerstone investors, together committing to more than a third of the base offering. This backing is a testament to the market’s confidence in MNT-Halan’s future growth and ongoing operations.
Parent Company Retains Majority Control
The IPO involved the sale of 320 million existing shares, representing 20% of the company, conducted by MNT Investments B.V., the Netherlands-based parent company. MNT Investments did not issue new shares, meaning the EGP 7.84 billion raised went directly to the parent firm. They have committed to reinvesting up to EGP 4 billion ($74 million) back into the Egyptian entity, potentially increasing their stake to around 80% through the purchase of new shares at the IPO price.
Currently, MNT Investments holds approximately 1.26 billion shares, or 78.5% of MNT-Halan, valued at around EGP 32.8 billion ($608 million) based on the closing share price. The company’s largest shareholder is GB Corp, an automotive and finance conglomerate that controls 41.6% following recent funding rounds.
From Microfinance to Financial Technology Powerhouse
Mounir Nakhla fundamentally altered Egypt’s financial landscape by transitioning from microfinance to fintech. He initially started Tasaheel, a microfinance firm in 2009, forming a partnership with GB Corp in 2010. The launch of Halan, a ride-hailing and payment application, in 2018 propelled MNT-Halan into the spotlight, making it Egypt’s first startup to achieve a valuation of over $1 billion in 2023.
MNT-Halan effectively serves small businesses and households traditionally overlooked by banks, providing consumer loans, payment solutions, and buy-now-pay-later services. With around 1.9 million active customers and a vast network of over 1,200 outlets across 25 Egyptian governorates, the company reported a revenue of EGP 19.8 billion ($367 million) in 2025, along with a net profit of EGP 1.98 billion ($37 million) and a gross loan portfolio worth EGP 46.7 billion ($866 million) as of June.
Overall, MNT-Halan’s successful debut on the Egyptian Exchange not only underscores the growing interest in fintech solutions within the region but also sets the stage for further expansion and innovation in the future.