EFG Hermes announced today the successful completion of its role as the international coordinator and bookrunner for the initial public offering (IPO) of MNT Tech Holding for Financial Investments, known as "MNT-Halan" on the Egyptian Exchange (EGX).
Largest Private Sector IPO in a Decade
According to the company's statement today, the offering price was set at EGP 24.50 per share, bringing the total offering value to EGP 7.84 billion. This makes it the largest initial public offering on the Egyptian Exchange (EGX) since 2021 in dollar terms, and the largest private sector IPO in a decade.
This offering marks a milestone for Egypt's capital markets, providing investors with the opportunity to invest in one of Egypt's leading fintech platforms, which boasts a large business volume, robust financial growth, and widespread reach across the republic.
The offering included a secondary sale of 320 million ordinary shares owned by "MNT Investments B.V." as the selling shareholder, representing 20% of the issued capital of "MNT-Halan".
The offering consisted of two tranches: a private placement for qualified investors and a public offering for retail investors.
Following the completion of the offering, the selling shareholder will subscribe to additional shares through a private placement at the offering price, with a total value of up to EGP 4 billion, providing "MNT-Halan" with fresh capital to support its next phase of growth.
CIB and RWC Participate as Strategic Investors in the Offering
The offering witnessed strong demand from regional and international institutional investors, regional family offices, alongside local institutional investors and retail investors. Both the Commercial International Bank (CIB) and RWC participated as strategic investors in the offering.
The private placement was 11.2 times subscribed, increasing to 19.4 times when excluding strategic investors, while the public offering was 43.6 times subscribed, bringing total demand for the offering to approximately EGP 126 billion.
Private Placement Receives Subscription Orders from Over 300 Investors Across More Than 10 Countries
The private placement received subscription orders from over 300 investors across more than 10 countries, while the public offering attracted more than 41,500 subscription orders, reflecting the strong investor interest in MNT-Halan's growth story and future prospects.
The completion of the IPO comes at a time of growing foreign investor interest in the Egyptian market, providing a more favorable environment for equity issuances. MNT-Halan's offering contributes to strengthening this momentum by expanding the base of companies available for investment on the Egyptian Exchange (EGX), diversifying investment opportunities across new sectors, and supporting the attraction of local and international capital while enhancing the continuous development of Egypt's capital markets.
In this context, Mostafa Gad, Head of Investment Banking at EFG Hermes, stated: "Executing the largest IPO in Egypt since 2021 is a milestone for MNT-Halan and a significant moment in the journey of Egypt's capital market."
He added that MNT-Halan combines clear leadership in core financing sectors, a technology-backed hybrid distribution model, and strong financial performance, making it an attractive opportunity for investors seeking to capitalize on the evolution of Egypt's financial services sector.
Gad emphasized EFG Hermes' capability to lead major corporations to the capital markets by combining deep execution expertise with a vast investor network, expressing the firm's pride in supporting MNT-Halan during this pivotal stage of its growth journey.
MNT-Halan enjoys a strong position in the financing market, combining extensive digital reach with a well-established on-the-ground presence in microfinance, SME financing, and consumer finance in Egypt.
The company serves approximately 1.9 million active clients through an innovative distribution model that integrates the "Halan" app with a network of over 1,200 distribution points spread across 25 governorates.
