Rana Mamdouh _ The shares of MNT Tech Holding for Financial Investments, known as MNT-Halan, commenced its first day on the Egyptian Exchange (EGX) today, surging 13.88% in the opening minutes to reach EGP 27.9, compared to an opening price of EGP 24.5.
The management of the Egyptian Exchange announced the day before yesterday the execution of the public and private offering of 320 million shares, representing 20% of MNT-Halan's capital shares, at a price of EGP 24.5 per share, with a total value of EGP 7.840 billion.
It stated that the Operations Committee decided that the opening price (reference price) for the share would be the public and private offering price of EGP 24.5 per share.
It noted that the decisions included listing the company's issued shares in the Medium Activity Market, which comprises securities where market participants are permitted to engage in same-day trading mechanisms, T+1 trading, and margin trading, and are accepted as collateral up to 80% of their market value.
It further highlighted that the price limits for the stock, both upwards and downwards on the first trading day, will be double the price limits applied to the market in which the stock is listed (40%), without applying temporary halt mechanisms, until the end of the trading session in which a new closing price is recorded. Starting from the following trading session, the stock's price limits will follow the standard rules of its listed market.
Regarding the price stabilization mechanism for the public offering post-IPO, the Special Order Market (OPR) will open for thirty calendar days starting from October 20 to November 18. During this period, the offering manager is obligated to place an open buy order at the offering price, and only shareholders who purchased through the public offering and wish to sell are entitled to place sell orders up to the maximum number of shares allocated to them through the public offering.
