MNT-Halan IPO Opens At EGP24.50 A Share In Egypt

MNT-Halan’s Egyptian share sale has moved beyond a timetable and an ambition. Subscriptions opened on October 7 at EGP24.50 a share, giving investors an actual price for one of Africa’s most closely watched fintech listings. The transaction covers up to 320 million existing shares in MNT Tech Holding for Financial Investments, the Egyptian business, or 20% of its 1.6 billion shares. At the offer price, that is an EGP7.84 billion share sale and an implied EGP39.2 billion value for the listed company.

This is a material step beyond the proposed 20% sale outlined earlier this month. At that stage the size was known, but the final price was not. The newly approved offer lets potential buyers weigh the business against a specific valuation rather than a private-market headline. It is also important not to confuse this Egyptian listing with the wider MNT-Halan group, which has operations in other countries and received a different private valuation earlier this year.

Thndr’s guide to the approved offer says up to 48 million shares are allocated to the Egyptian public tranche and up to 272 million to the private tranche. The public offer is scheduled to close on October 15, while the private offer closes on October 13. Those are subscription deadlines, not a confirmed first trading date. Investors should check the official offering documents and their broker’s instructions for any changes before placing an order.

The public minimum is 100 shares, equal to EGP2,450 at the offer price. Thndr says users of its app need only have 25% of their order value available in their wallet when they subscribe, though they may need to supply the remaining balance if shares are allocated. That is a feature of the broker’s subscription process, not a discount on the share price or a promise that every requested share will be allotted. Orders above demand may be scaled back, with unused funds returned under the offer process.

Commercial International Bank has committed to invest up to EGP2 billion as a cornerstone participant, according to its disclosed agreement. That gives the deal a substantial institutional backer, but it does not remove the usual risks of an IPO. MNT-Halan combines lending, payments and other financial services; a public-market investor will have to examine credit performance, funding costs and the quality of earnings, not just customer growth.

The share sale is secondary. The stock on offer is being sold by existing shareholder MNT Investments B.V., rather than being newly issued to raise fresh operating capital for the Egyptian company. The distinction matters because a large headline offer value does not mean EGP7.84 billion will flow into MNT-Halan’s product development or loan book. It also changes how readers should think about the transaction; this is partly a route for an existing shareholder to sell a stake while bringing the business to the exchange.

The listing would give Egypt’s technology market a rare, sizeable fintech test in public. Investors will soon be able to compare a business built around digital distribution and credit with other listed financial companies, and management will face the regular disclosures that private startups can avoid. For now, the confirmed facts are the EGP24.50 offer price, the subscription window and the planned 20% sale. The final allocation and the company’s performance after trading begins remain to be seen.