Public subscriptions for the initial public offering of MNT-Halan's Egyptian arm on the Egyptian Exchange (EGX) are scheduled to close on Thursday 15 October, according to EnterpriseAM. The retail tranche opened on 7 October, the same day the institutional and high-net-worth tranche began; that larger tranche closed on 13 October, EnterpriseAM reported.
The base offering covers 320 million secondary shares, equal to a 20 percent stake, priced at EGP 24.50 each, according to the Middle East Observer. That values the base deal at roughly EGP 7.84 billion, or about $150 million, and implies an equity value for the company of about EGP 39.2 billion, or roughly $750 million, the outlet said. The offering can be upsized by as much as 80 million additional shares, taking the stake sold to 25 percent and the deal's value to about EGP 9.8 billion, EnterpriseAM reported.
Of the base offering, 272 million shares, or 85 percent, were allocated to the institutional and high-net-worth tranche that closed 13 October, with the remaining 48 million shares, or 15 percent, reserved for the public tranche closing 15 October, according to EnterpriseAM. Trading on the EGX is expected to start on 20 October, the Middle East Observer reported, subject to formal exchange confirmation.
Commercial International Bank (CIB) has signed on as a cornerstone investor, committing to buy up to EGP 2 billion of shares in the international tranche, according to Daily News Egypt. London-based fund Redwheel has committed about $20 million, or roughly EGP 1.05 billion, EnterpriseAM reported. Together, EnterpriseAM said, the two cornerstone commitments cover close to 39 percent of the base offering.
CIB continues its leading role in supporting Egypt's non-bank financial services sector. — Amr El Ganainy, Deputy CEO, Commercial International Bank
El Ganainy added that "MNT-Halan stands out as a leading example of this sector's evolution, having demonstrated strong performance and significant growth in recent years," according to Daily News Egypt. MNT-Halan founder and chief executive Mounir Nakhla welcomed the bank's participation. "I'm very happy that our partner CIB… is now joining us as a shareholder," he said, according to Daily News Egypt. "CIB knows this market exceptionally well, and its perspective and experience will be invaluable as we build the next stage of MNT-Halan," Nakhla added.
MNT-Halan was founded in December 2009 by Nakhla, with Ahmed Mohsen, now the company's chief technology officer, joining as a co-founder in 2017, according to Daily News Egypt. The group describes itself as a technology-enabled, non-bank financial services provider operating through its Halan app. As of June 2026, it had disbursed EGP 178 billion in cumulative financing to roughly 7.9 million customers through more than 1,200 distribution points across 25 of Egypt's governorates, Daily News Egypt reported, citing the company.
Nakhla has said the listing is not an exit for the group's existing shareholders. "No shareholder in the wider parent group is making a full exit," he said, according to the Middle East Observer, which reported that the wider MNT-Halan parent plans to reinvest up to EGP 4 billion of the proceeds back into the Egyptian operating business through a capital increase. BDO's independent fairness opinion valued the shares at EGP 25.92, a roughly 5.5 percent premium to the EGP 24.50 offer price, according to EnterpriseAM.
MNT-Halan's Egyptian business spans consumer lending through prepaid cards, small-business loans, microfinance lending through its Tasaheel arm, and payment services, according to EnterpriseAM's reporting on 6 October. The group holds about 24.3 percent of Egypt's non-bank microfinance market by loan book value and 14 percent of the non-bank consumer finance market by annual disbursements, according to EnterpriseAM's 1 October report on the listing.
The wider MNT-Halan group was valued at $1.4 billion in a June 2026 funding round led by Al Ahly Capital, the investment arm of the National Bank of Egypt, according to EnterpriseAM's 1 October report, which said it was the first time a commercial bank had taken equity in the business. "We are confident in the continued development of Egypt's capital markets, and we hope more companies are encouraged to tap the Egyptian market," Nakhla said, according to that report.
Of the up-to EGP 4 billion capital increase the group plans once the IPO closes, roughly half is earmarked to return to the listed Egyptian company, about a quarter to fund the group's Turkish business, and the remainder to finance an unspecified acquisition in another Arabic-speaking market, EnterpriseAM reported on 6 October. MNT-Halan's listing is one of several EGX offerings in motion this year; EnterpriseAM has also reported separate plans by Banque du Caire to sell a 30 percent stake and by Misr Life to sell a 20 percent stake on the exchange.
If the retail tranche closes as scheduled on 15 October and trading begins on 20 October as planned, the listing would be among the largest EGX offerings by nominal pound value in recent years, the Middle East Observer said.
Frequently asked questions
When does the MNT-Halan IPO subscription window close?
The institutional and high-net-worth tranche closed on 13 October. The public retail tranche, which opened 7 October, is scheduled to close on 15 October, according to EnterpriseAM.
When are MNT-Halan shares expected to start trading on the EGX?
Trading is expected to begin on 20 October 2026, according to the Middle East Observer, subject to formal confirmation by the Egyptian Exchange.
How big is the MNT-Halan offering?
The base offering is 320 million shares, a 20 percent stake, priced at EGP 24.50 each for roughly EGP 7.84 billion. It can be upsized to 400 million shares, a 25 percent stake, worth about EGP 9.8 billion, according to EnterpriseAM and the Middle East Observer.
Who are the cornerstone investors in the offering?
Commercial International Bank has committed up to EGP 2 billion, and London-based Redwheel has committed about $20 million, according to Daily News Egypt and EnterpriseAM.
