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MNT-Halan, the Egyptian fintech company founded by Mounir Nakhla, opened subscriptions on Wednesday for the initial public offering of its Egyptian business, seeking to raise 7.84 billion Egyptian pounds, about $150 million, in the country's biggest IPO in dollar terms since 2021.
MNT Tech Holding for Financial Investments is selling 320 million existing shares, or 20% of the company, at a fixed price of 24.5 pounds each. That values the Egyptian business at about 39.2 billion pounds, or roughly $750 million. An independent adviser, BDO Keys, put fair value at 25.92 pounds a share, meaning the offer price is about 5.5% below that level.
The public offering of 48 million shares runs until Oct. 15, while the private placement of 272 million shares closes on Oct. 13. A further 80 million shares could be sold depending on demand. Nakhla told Asharq Business he expects the shares to start trading on Oct. 20.
Cornerstone support
Commercial International Bank, Egypt's biggest private-sector lender, has agreed to invest up to 2 billion pounds as a cornerstone investor. Together with London-based Redwheel, cornerstone investors have committed to more than a third of the base offering.
The IPO is a sale of existing shares by the parent company, MNT Investments, which will receive the proceeds. After the listing, the parent plans to put up to 4 billion pounds back into the Egyptian business by buying new shares at the offer price. Nakhla has said remaining proceeds could support the group's operations in Turkey and expansion in another Arabic-speaking market.
The Egyptian business reported adjusted revenue of about 20.5 billion pounds and net income of 1.98 billion pounds in 2025. Its businesses span consumer and business lending, payments, digital wallets, savings and investments.
The offering is larger in pound terms than e-Finance's 5.84 billion pound IPO in 2021, and investors will watch the level of retail demand to judge whether more private Egyptian companies can follow.
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