Egyptian fintech lending and payments company MNT-Halan said it plans to list 20% of its shares on the ​Egyptian stock exchange through an initial public offering, one ‌of the largest such listings in years.

Founded in 2018, MNT-Halan is considered Egypt’s first fintech “unicorn”, or privately held venture capital company worth more than $1 billion. The ​offering is expected to be completed this month subject to ​market conditions and the requisite regulatory approvals, the company ⁠said in a statement.

Since its inception, MNT-Halan has disbursed about ​178 billion Egyptian pounds of loans, which it calculated as being ​worth about $6.1 billion based on average historic exchange rates, the statement said.

It has about 1.9 million active customers and had a gross loan book of about ​46.7 billion Egyptian pounds at the end of June, it ​added. MNT-Halan has also bought a bank in Pakistan and a micro-leasing company in Turkey.

In ‌June, ⁠MNT-Halan said its valuation had reached $1.4 billion after closing the initial tranche of a $70 million-plus funding round.
The proposed offering includes 320 million ordinary shares, representing a fifth of the company’s issued share capital, ​in both a ​private placement for ⁠institutional investors and a public offering in Egypt, the statement said.

About 24.3 million shares will also ​be sold to senior employees pending regulatory approval, it ​added. CEO ⁠Mounir Nakhla said in the statement that continued progress in Egypt’s economy and capital markets over the past two years has strengthened the ⁠market’s ​appeal to foreign investors.

MNT-Halan’s offering follows the ​December 2024 listing of United Bank, when Egypt’s central bank sold a 30% stake in ​the state-owned lender.

Source: Reuters