Egyptian fintech unicorn MNT-Halan is seeking to raise 7.84 billion pounds ($150 million), in what would be the country’s biggest initial public offering in dollar terms for about five years.
MNT Tech Holding’s pricing for the IPO of its Egyptian business was set at 24.5 pounds per share, according to a disclosure on the nation’s stock exchange website on Tuesday. A total of 320 million shares are being offered, or about 20% of the company’s total issued share capital.
The move by MNT, which provides consumer and microfinance lending services, reflects the growing importance of the non-banking financial services sector in the Middle East’s most populous nation. The rise comes as the government works on boosting private sector growth to help buoy an economy that’s proven vulnerable to the shockwaves of conflicts in the wider region and Ukraine.
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In dollar terms, MNT’s offering would be Egypt’s largest since e-Finance for Digital and Financial Investments went public in 2021 and raised the equivalent of $370 million.
The Egyptian pound, which that deal was valued in, was trading at a much stronger rate of 15.7 per greenback at the time. The currency has tumbled to about 52 per dollar since, with a float in 2024 helping Egypt secure an expanded International Monetary Fund program.
MNT’s offering will be split into two tranches. A public offering includes 48 million shares while the private placement covers a maximum of 272 million shares, or 85% of the total offering.
A minimum investment of 5 million pounds is set for high-net-worth individuals, while financial institutions must invest at least 10 million pounds. The offering will run from Oct. 7 to Oct. 15, with a shorter subscription period for the private placement.
Commercial International Bank, Egypt’s largest private lender, on Monday said it had agreed to a cornerstone investment of as much as 2 billion pounds in the IPO. After the offering, the selling shareholder, MNT Investments BV, has committed to inject up to 4 billion pounds by subscribing for additional shares at the offer price.
The IPO comes as Egyptian authorities are also pressing ahead with a long-running plan to raise cash by selling stakes in state entities.
In 2024, Egypt sold 40% of United Bank, raising 4.57 billion pounds. Other stakes potentially for sale include those in oil companies, some military-linked firms and in lenders such as Banque du Caire.