MNT-Halan Egypt Listing Draws 11.2 Times Institutional Demand Ahead of Cairo Trading DebutMNT-Halan Egypt Listing Draws 11.2 Times Institutional Demand Ahead of Cairo Trading Debut

The strong book is a signal for African fintech listings at a time when London investors gave Airtel Money a cooler welcome. Mwenendo earlier reported on how Airtel Money shares fell below their offer price in their first unconditional session.

The offer and what investors paid

MNT Investments B.V., the Netherlands-based parent, is selling 320 million existing shares at EGP 24.50 each (KSh 61.07, or $0.47), according to a Billionaires.Africa report that draws on the company statement and prospectus figures. The price implies a value of about KSh 97.46B ($750M) for the Egyptian business.

The independent financial adviser, BDO Keys, set fair value at EGP 25.92 a share, so the offer price is a 5.5% discount. Founder and chief executive Mounir Nakhla said at the EnterpriseAM Egypt Forum that "an IPO by definition is priced at a discount."

The listing values the Egyptian arm below the $1.4B (KSh 181.92B) valuation placed on the whole group in a June 2026 funding round led by Al Ahly Capital. Only the Egyptian business is listing; the Pakistan bank, Turkey and UAE operations stay private.

Of the shares on offer, 272 million go to institutions and 48 million to the public. Up to 80 million extra shares could be sold if demand is strong, which would lift the free float to 25%, though no increase had been announced when the institutional book closed.

Demand and who bought

The institutional tranche was covered 11.2 times, or 19.4 times excluding cornerstone investors. More than 300 institutions from Egypt, several Gulf states, the UK, France, Switzerland and South Africa took part. Commercial International Bank and the London-based manager Redwheel together took more than a third of the base offering.

Retail investors bid for about 128.8 million shares worth KSh 7.80B ($60M) against a tranche of about KSh 2.99B ($23M), a cover of 2.68 times as of the 12 October close, with sessions still running. Retail subscription closes on 15 October.

What the company says it will do with the money

The share sale itself is secondary, so proceeds go to the selling shareholders. After the IPO, MNT Investments will inject up to KSh 9.88B ($76M) through a closed capital increase at the offer price. Mr Nakhla has said the remaining proceeds will fund the group's Turkey business and an acquisition in an unnamed Arabic-speaking market.

The Egyptian operations began as a microfinance lender in December 2009 and now offer consumer, small business and payments products through the Halan app. The company reports 1.9 million active customers and more than 1,200 outlets across 25 governorates. Its gross loan book reached KSh 116.04B ($893M) at 30 June 2026, up from about half that at the end of 2023.

For 2025, revenue was KSh 49.25B ($379M) and net profit KSh 4.94B ($38M). First-half 2026 net profit was KSh 2.21B ($17M).

What to check before trading

The figures come from a secondary report that did not link its own sources, so investors should confirm allocation and pricing details with the Egyptian Exchange and the prospectus. The next marker is the 20 October debut, which will show whether the discount to fair value turns into a first-day gain.