Arab Finance: EFG Hermes, a subsidiary of EFG Holding, has successfully concluded its role as joint global coordinator and joint bookrunner on MNT-Halan's initial public offering (IPO) on the Egyptian Exchange (EGX), according to a press release.
Priced at EGP 24.50 per share, the EGP 7.84 billion offering marks Egypt’s largest IPO since 2021 in US dollar terms and the biggest IPO by a privately owned company in a decade.
The transaction is a milestone for the country’s capital markets, offering investors exposure to one of Egypt’s largest fintech platforms, supported by significant scale, robust financial growth, and an extensive nationwide presence.
The offering involved a secondary offering of 320 million ordinary shares by MNT Investments B.V., accounting for 20% of MNT-Halan’s issued share capital. It was divided into two tranches: a private placement for qualified investors and a public offering open to retail investors in Egypt.
Upon completion of the offering, the selling shareholder will subscribe to additional shares through a closed subscription at the offer price, for a total amount of up to EGP 4 billion. The proceeds will provide MNT-Halan with additional capital to finance its next stage of expansion.
The private tranche was oversubscribed to 11.2x and 19.4x excluding cornerstone investors. Meanwhile, the public tranche was oversubscribed 43.6x, with total subscription demand reaching approximately EGP 126 billion.
The private tranche attracted orders from more than 300 investors across over 10 countries, while the public offering received more than 41,500 subscription orders, highlighting broad investor interest in MNT-Halan’s growth prospects.
Mostafa Gad, Global Head of Investment Banking at EFG Hermes, commented: “Delivering Egypt’s largest IPO since 2021 is a defining milestone for MNT-Halan and an important moment for the Egyptian capital market.”
Gad added: “MNT-Halan brings together leadership in core lending segments, a technology-enabled hybrid distribution model, and strong financial performance, a compelling proposition for investors seeking exposure to Egypt’s evolving financial services sector.”
