Egyptian fintech lending and payments company MNT-Halan plans to sell 20% of its shares through an initial public offering (IPO) on the Egyptian Exchange this month, subject to regulatory approval and market conditions.
Founded in 2018, MNT-Halan is regarded as Egypt’s first fintech “unicorn”—a privately held company valued at more than $1 billion. Its valuation reached $1.4 billion in June following the first tranche of a funding round worth more than $70 million.
The proposed IPO involves 320 million ordinary shares, representing one-fifth of the company’s issued share capital. The shares will be offered through a combination of a public offering in Egypt and a private placement for institutional investors. A further 24.3 million shares are proposed for sale to senior employees, subject to regulatory approval.
MNT-Halan has disbursed approximately 178 billion Egyptian pounds ($6.1 billion based on its historical exchange-rate calculation) in loans since its launch. At the end of June, it had around 1.9 million active customers and a gross loan book of approximately 46.7 billion Egyptian pounds.
The company has also expanded beyond Egypt, including through the acquisition of a bank in Pakistan and a micro-leasing company in Turkey.
Source:Reuters
Reporting:Alexander Dziadosz
Editing:Kirsten Donovan
