MNT-Halan has entered a six-month race to complete what could become Egypt’s biggest technology IPO, after the Egyptian Exchange (EGX) granted its parent company a temporary listing.
The EGX Listing Committee approved the temporary listing of 1.6 billion shares in MNT Tech Holding for Financial Investments, the holding company for MNT-Halan’s Egyptian operations. The shares, representing issued capital of EGP160 million, were added to the exchange’s database on September 15 under the non-bank financial services sector, with the ticker HALN.CA.
The approval, however, does not mean investors can start trading the shares. MNT-Halan must complete the offering and satisfy the remaining listing requirements within six months. If it fails to do so, the temporary listing becomes void. Egypt’s Financial Regulatory Authority (FRA) can extend the deadline if the company provides sufficient justification and an acceptable timetable.
That puts the deadline around March 2027 and gives the fintech a relatively short window to complete regulatory processes, finalise the offering structure and convince investors to participate.
The planned IPO is expected to focus on MNT-Halan’s Egyptian business rather than its entire international footprint. The company also operates in Turkey, the United Arab Emirates and Pakistan, but those operations are not expected to form part of the listed entity. Earlier reports put the potential valuation of the Egyptian business at between $900 million and $1 billion, with Citigroup and EFG Hermes involved as advisers.
The valuation is particularly notable because MNT-Halan was valued at $1.4 billion following a June investment led by Al Ahly Capital, the investment arm of the National Bank of Egypt. The company became Egypt’s first fintech unicorn in 2023 after raising $400 million in equity and debt.
Founded in 2018, MNT-Halan has grown from a platform initially associated with ride-hailing into a broad financial-services business serving consumers and businesses. Its products include lending, buy-now-pay-later services, payments, savings and merchant financing. The company says it has served more than eight million people and disbursed more than $15.5 billion in loans.
For Egypt’s technology ecosystem, the listing could also provide a significant public-market reference point for fintech companies that have traditionally relied on private capital. Egypt already has listed fintech businesses including Fawry, e-finance and Valu, but MNT-Halan would bring a venture-backed unicorn into the public market.
The next six months will therefore be about more than meeting a regulatory deadline. MNT-Halan will need to translate years of private-market growth into a public-market story, while Egypt’s exchange will be tested on its ability to absorb one of the country’s most closely watched technology offerings.
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