RIYADH: Egyptian fintech unicorn MNT-Halan is planning a 7.84 billion Egyptian pound ($149 million) initial public offering, making it the country’s largest IPO since 2021.
MNT Tech Holding, the Egyptian business of MNT-Halan, has set its IPO price at 24.50 Egyptian pounds per share, with 320 million shares, or about 20 percent of its issued share capital, being offered.
The offering will be split into two tranches: 48 million shares for the public offering and up to 272 million shares for the private placement, representing 85 percent of the total.
In October 2021, e-finance for Digital and Financial Investments raised 5.84 billion pounds through a public and private offering of 417.8 million shares, representing 26.1 percent of its issued capital.
Egypt advances state-owned company listings
The offering comes as Egypt seeks to deepen its capital markets and attract more private-sector investment.
The government is targeting $1.25 billion to $1.5 billion in proceeds from the listing of three to four state-owned companies by the end of the current fiscal year, according to the Ministry of Finance.
The Financial Regulatory Authority has also outlined a 2026 roadmap to expand listings on the Egyptian Exchange under the government’s IPO program.
In April, six state-owned companies were temporarily listed on the exchange as part of efforts to broaden market ownership and attract investment.
The newly released statement said: “The company is obligated to satisfy all requirements and conditions prescribed regarding securities listed on the Egyptian Exchange — as well as other relevant provisions, rules, and decisions — including any additional requirements concerning the percentage of offered shares, the free-float ratio, the number of shareholders, and the company’s status.”
A minimum investment of 5 million pounds is set for high-net-worth individuals, while financial institutions must invest at least 10 million pounds. The offering will run from Oct. 7-15, with a shorter subscription period for the private placement.
MNT Tech Holding was temporarily listed on the Egyptian Exchange on Sept. 14 and is required to apply to the EGX to carry out its share offering within six months, according to the exchange.
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