MNT-Halan shares jump 18% on Egyptian Exchange debut after $150M IPO. The fintech unicorn's secondary offering of 20% of its Egyptian operations attracted significant institutional and retail demand, marking Egypt's largest IPO by dollar value since 2021. Egyptian fintech unicorn MNT-Halan saw its shares surge by 18% on its Egyptian Exchange (EGX) debut on October 20, 2026, following an Initial Public Offering (IPO) that raised approximately $150 million (EGP 7.84 billion). The offering, which involved the sale of 320 million existing ordinary shares representing 20% of MNT-Halan's issued share capital in its Egyptian business, was heavily oversubscribed in both its institutional and retail tranches. The IPO priced shares at EGP 24.50, with trading commencing under the ticker HALN.CA. The initial surge pushed the share price to EGP 28.91, valuing MNT-Halan's listed Egyptian operations at approximately $745 million. This valuation, however, is notably lower than the $1.4 billion valuation the broader MNT-Halan group secured in a private funding round in June 2026, a discrepancy attributed to the IPO covering only the Egyptian business, not its entire global operations which include Turkey, the UAE, and Pakistan. Round structure and investor demand. The IPO was structured as a secondary offering, with existing shareholder MNT Investments B.V. selling the 320 million shares. This means the proceeds of the sale went to the selling shareholder rather than directly to MNT-Halan as new capital. However, the parent company has indicated plans to reinvest up to EGP 4 billion of the proceeds back into the Egyptian operations through a closed subscription at the offer price. Demand for the offering was substantial. The private tranche, comprising 272 million shares for institutional and other private-tranche investors, was 11.2 times oversubscribed, rising to 19.4 times when cornerstone investors were excluded. The public tranche, with 48 million shares allocated to retail investors, saw even stronger interest, being oversubscribed 43.6 times and attracting over 41,500 subscription orders. Commercial International Bank (CIB), one of Egypt's largest private-sector banks, and London-based investment manager Redwheel participated as cornerstone investors, collectively committing to more than one-third of the initial offering. Market context and competitive landscape. MNT-Halan's listing represents Egypt's largest IPO by dollar value since 2021, according to financial adviser EFG Hermes. The debut occurs amidst a period of increased scrutiny on consumer lending in Egypt. The Financial Regulatory Authority (FRA) imposed a one-year moratorium on new establishment licenses for consumer finance conducted through financial technology in February 2026, which can be renewed at its discretion. This regulatory move effectively blocks new entrants while allowing existing licensed companies, such as MNT-Halan, to continue their operations. The Central Bank of Egypt has also tightened regulations on how commercial banks finance non-banking financial institutions. MNT-Halan operates in a competitive fintech landscape in Egypt, facing rivals like Fawry, Valu, Khazna, and Paymob, all vying for the same underbanked customer base. The company, founded in 2018, with roots tracing back to 2009, has built a digital ecosystem offering microfinance, consumer lending, payments, and e-commerce services. Since its inception, MNT-Halan has served approximately 7.9 million customers and disbursed over EGP 178 billion (approximately $3.3 billion) in financing as of June 30, 2026. Implications for the African tech ecosystem. The successful IPO of MNT-Halan provides a public market benchmark for African fintechs. While the initial share price surge indicates investor confidence, the long-term performance will depend on the company's ability to maintain loan-book growth without compromising asset quality, particularly given its focus on underbanked borrowers. The company reported non-performing loans across its portfolio to be below 2.5%, according to its prospectus. For operators across the continent, this listing underscores the potential for well-established fintechs to tap into public capital markets, offering a route to liquidity for early investors and potentially attracting further investment into the broader African technology sector. However, it also highlights the increasing regulatory scrutiny that comes with scale, and the need for robust financial performance beyond growth metrics alone. The proceeds from this secondary offering will provide the parent company with capital that can be deployed to further scale MNT-Halan's operations in Egypt and potentially other markets, and to launch new services, as stated by CEO Mounir Nakhla. Based on information available at time of publication. Trademarks and logos belong to their respective owners. Spot an error? Write to [email protected]. Editorial policy · Disclaimer. Fawry Egypt · Fintech Tolulope Bamiloye is AU-Startups' funding correspondent. She covers the full capital stack flowing into African startups - pre-seed cheques out of Lagos, growth-stage rounds led by global funds, and the secondary market quietly forming around late-stage African tech. Before journalism she spent four years as an investment analyst at a Pan-African PE firm, where she modelled deals across fintech, mobility and agritech. The numerical instincts stuck. Tolulope reads term sheets the way most journalists read press releases - she'll name the round structure, the participation rights, who skipped, and what the post-money implies for the next round. Her writing is precise and unsparing. She prefers comparable rounds over rhetorical framing, names the structural details other writers paper over, and is willing to call a down round a down round. She tracks the rounds spreadsheet so you don't have to. Reach her with deal tips at [email protected]. Related reading

Egypt's Khazna acquires Pharos Consumer Finance to expand digital lending. Egyptian fintech company Khazna has acquired Pharos Consumer Finance, securing a consumer finance licence that will allow it to expand regulated lending services to customers underserved by traditional banks. 2 hours ago Egyptian fintech company Khazna has acquired Pharos Consumer Finance, securing a consumer finance licence that will allow it to expand regulated lending services to customers underserved by traditional banks. The acquisition was completed earlier in 2026 but announced on 22 October. Khazna Capital, the fintech's investment arm, purchased Pharos Consumer Finance from Pharos Holding for Financial Investments. The companies have not disclosed the transaction value. The deal gives Khazna access to a licence issued by Egypt's Financial Regulatory Authority (FRA), allowing it to expand its lending operations under its own regulated platform. The company has also started deploying credit facilities from financial institutions to support its lending activities. Acquisition opens direct lending opportunities. Founded in 2019, Khazna provides digital financial services to consumers who have limited access to conventional banking and credit. Its products include salary-backed loans, pension-backed financing, earned wage access and buy-now-pay-later services. The company has traditionally relied on partnerships with regulated financial institutions to deliver lending products. Acquiring Pharos gives it a licensed platform to expand its consumer finance operations while retaining its partnership-led business model. Khazna uses a business-to-business-to-consumer (B2B2C) approach, working with employers and other organisations to reach customers. Salary and pension information helps the company assess borrowers' repayment capacity and manage credit risk. The company has reported more than 500,000 users, including approximately 100,000 people who receive their salaries through its platform. Egypt's licence restrictions drive acquisitions. The transaction comes as Egypt tightens access to new consumer finance licences. In February 2026, the FRA suspended applications for establishing and licensing companies offering consumer finance through fintech for one year. The restrictions have increased the strategic value of existing licensed businesses, giving companies seeking to expand another option: acquiring an established lender instead of waiting for new licensing opportunities. Khazna's acquisition reflects this approach, providing access to an existing regulated entity as it expands its lending operations. Other financial services companies in Egypt have also pursued acquisitions to strengthen their positions in consumer finance. Credit facilities support expansion. Khazna has begun using credit facilities from financial institutions following the acquisition, although it has not disclosed the value of the facilities or the volume of loans it intends to issue through the newly acquired business. The company is targeting Egyptians who remain underserved by traditional banks, using its employer partnerships and salary-linked financial products to reach potential borrowers. The acquisition gives Khazna a direct route into regulated consumer finance, while the size of its future lending operations will depend partly on the credit facilities it secures and the demand for its products. Reporting for Business Tech Africa on the funding, tools and strategy shaping the continent's founders and SMEs. Was this useful? 0 reactions