MNT-Halan Lists Egyptian Business on Cairo Stock Exchange in Major IPO
According to Norfund, MNT-Halan had 400,000 customers in 2018, most of whom were underserved by traditional lenders. Since then, the company has expanded into a regional fintech platform serving 10 million customers across Egypt, Turkey, the United Arab Emirates and Pakistan.
Egyptian fintech company MNT-Halan has listed its Egyptian business on the Cairo Stock Exchange, marking the country’s largest initial public offering (IPO) since 2021 and highlighting the growth of the company’s financial services platform.
According to Norfund, MNT-Halan had 400,000 customers in 2018, most of whom were underserved by traditional lenders. Since then, the company has expanded into a regional fintech platform serving 10 million customers across Egypt, Turkey, the United Arab Emirates and Pakistan.
The company provides financial services to unbanked and underserved customers, including access to borrowing and digital payments.
Norfund, which invests indirectly in MNT-Halan through ADP III, a fund managed by Development Partners International (DPI), committed US$40 million to the fund in 2019. DPI subsequently invested in MNT-Halan in 2021.
Norfund said investing through funds such as ADP III enables it to reach companies that it might not otherwise be able to identify or follow directly.
The IPO attracted strong investor interest, with the retail tranche oversubscribed more than 43 times and the institutional tranche more than 19 times. The offering marks a milestone for MNT-Halan and Egypt’s capital markets.
The listing also demonstrates how early investment in African businesses can generate opportunities for investors to exit through local stock exchanges, allowing capital to be reinvested in other companies.
MNT-Halan is the third DPI portfolio company to list within 18 months, following Optasia on the Johannesburg Stock Exchange and CMGP Group in Casablanca.
