Egypt: MNT-Halan sells 20% of its subsidiary for $150 million, the largest stock market transaction since 2021

Egyptian fintech MNT-Halan opened subscriptions on Wednesday, October 7, 2026, for the IPO of its Egyptian division, MNT Tech Holding, on the Cairo Stock Exchange. The transaction is valued at 7.84 billion Egyptian pounds, or approximately $150 million, marking the largest fundraising on the Egyptian exchange since 2021, according to Agence Ecofin.

The group is offering 320 million existing shares, representing about 20% of its subsidiary's capital, at a fixed price of 24.50 pounds per share. The private placement reserved for institutional and high-net-worth investors can absorb up to 272 million shares and closes on October 13; the remaining 48 million shares are offered to the public until October 15. An option for an additional 80 million shares is available in case of high demand. Trading is expected to begin on October 20, according to Billionaires Africa.

At this price, the group's Egyptian business is valued at around 39.2 billion pounds, or nearly $750 million. Independent advisor BDO Keys estimated the fair value of the share at 25.92 pounds, meaning the offer is being made at a discount of approximately 5.5%. Two cornerstone investors have already committed more than a third of the base offer: the Commercial International Bank, the country's leading private bank, and the London-based manager Redwheel.

Eight million customers, from credit to small merchants

Founded in 2017 as Halan by Mounir Nakhla and Ahmed Mohsen, the company was built on providing credit to small merchants and households, as well as payments and savings services. It claims over 8 million customers, more than $15.5 billion in loans disbursed since its inception, and a 24.3% share of the Egyptian microfinance market as of the end of December 2025. For the Egyptian perimeter alone, Billionaires Africa reports a net profit of 1.98 billion pounds in 2025. The group also operates in Turkey, Pakistan, and the United Arab Emirates.

An African unicorn financing itself in Africa

In terms of local currency, the transaction exceeds the 2021 IPO of e-Finance, which raised 5.84 billion for 26.1% of its capital. It aligns with Cairo's strategy to expand its stock market: the Financial Regulatory Authority has published a 2026 roadmap to that effect.

The signal extends beyond Egypt. African digital champions usually seek capital and visibility on Western exchanges; here, a unicorn from the continent is being valued by the African market itself. Following the listing, the parent company plans to reinvest up to 4 billion pounds into the Egyptian business, with the remainder intended to fund operations in Turkey and expansion into another Arabic-speaking country.