The offering gives Egypt’s public market a rare look at a homegrown fintech that has grown into a sizeable lending business, with credit quality and earnings now likely to matter as much as expansion. 

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After a decade of private funding and expansion, MNT-Halan is preparing to enter the Egyptian Exchange with a business that has grown well beyond its startup origins. The fintech has built a lending and financial-services operation, expanded into other emerging markets and attracted international capital along the way. Its listing will bring that business under the regular scrutiny of public investors, who will be able to assess its growth alongside earnings, funding requirements and credit performance. 

MNT Tech Holding for Financial Investments is offering 320 million existing shares at EGP 24.50 each, representing 20% of the company and a base offering worth EGP 7.84 billion, or about $149 million. Of those shares, 48 million are reserved for the public offering and 272 million for institutional and other eligible investors. A further 80 million shares could be added to the private tranche subject to demand and regulatory approval. Subscriptions opened on October 7, with the private offering closing on October 13 and the public offering on October 15. The deal is expected to be Egypt’s largest IPO in US dollar terms since e-Finance’s listing in 2021. 

By June, the business had originated about EGP 178 billion in loans and held a gross loan book of EGP 46.7 billion, with around 1.9 million active customers, according to Reuters. Expansion has also taken the wider group beyond Egypt through a bank in Pakistan and a micro-leasing operation in Turkey. A funding round in June valued the group at $1.4 billion, although that figure covers operations outside the Egyptian entity being listed and is therefore not directly comparable with its IPO valuation. 

At EGP 24.50 a share, the Egyptian operation is valued at roughly EGP 39.2 billion, or around $750 million. That is below the valuation of up to $1 billion reportedly discussed earlier this year. More useful for investors is the company's underlying profitability: it reported net income of EGP 1.98 billion for 2025, providing a financial reference point for the valuation once the shares begin trading. Future performance will depend on whether earnings can keep pace with expansion while the company manages the costs and risks associated with a growing loan portfolio. 

For existing shareholders, the transaction is also about liquidity rather than simply raising fresh money for the operating business. MNT Investments B.V., the main shareholder, is selling the 320 million shares in the base offering, making the IPO primarily a secondary sale. A separate capital increase of up to EGP 4 billion is planned, and founder and CEO Mounir Nakhla has said that half or more of what the parent raises through the offering will come back into the listed company. Some of the remaining proceeds are intended to support the Turkish business and a potential acquisition in another Arabic-speaking market. MNT Investments is required to retain at least 51% of its existing stake and no less than 25% of the listed company for two years following the listing. 

Credit will matter as much as growth 

Institutional interest has already given the offering some support. Commercial International Bank has committed up to EGP 2 billion to the international tranche, while London-based Redwheel. Separately, the Egyptian Exchange approved the temporary listing of 1.6 billion shares in September under the ticker HALN.CA, with trading expected to begin after the offering process is completed. 

Credit quality will be one of the clearest measures of whether the growth story holds up. Nakhla stated that non-performing loans had risen by roughly one to 1.5 percentage points over the previous year, while the company had become more cautious with higher-risk products. For a lender, that can matter more than the size of its customer base or loan book because deterioration in credit quality can quickly put pressure on earnings. Funding will remain another part of the equation, with the group completing three securitisation transactions worth a combined EGP 4.0085 billion for its consumer-finance and microfinance subsidiaries in early October. 

Public markets will give investors a much clearer view of how those factors develop over time. MNT-Halan has already demonstrated that it can build a large lending operation and attract international capital, but the IPO changes the frequency and visibility of the financial test. Earnings, credit losses and funding costs will now sit alongside growth when the market values the company, providing a clearer measure of whether the business created through years of private investment can deliver the consistency expected of a listed financial company. 

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