Egypt’s stock exchange has granted a temporary listing to MNT Tech Holding for Financial Investions, the parent company of fintech unicorn MNT-Halan, clearing the first major regulatory hurdle before a potential debut on the Cairo exchange. The EGX listing committee approved the move at its 14 September meeting, setting up an initial capital of EGP160 million divided into 1.6 billion shares with a par value of EGP0.10. The shares were entered into the exchange database under the Non-banking Financial Services sector on 15 September under the ticker HALN.CA.
However, the shares cannot be traded yet. The committee imposed a six-month deadline for MNT Tech to finalize the offering and meet all conditions for final listing. Failure to do so would nullify the temporary listing. Trading remains frozen until approved by the Financial Regulatory Authority (FRA), and the company must also complete FRA registration and formally apply to the EGX to execute the offering. The FRA may extend the deadline if justified with a timetable it accepts, giving MNT-Halan until mid-March 2027 in practice.
The valuation remains a key point of interest. In June, MNT-Halan’s valuation reached $1.4 billion following an investment led by Al Ahly Capital, the private equity arm of the National Bank of Egypt. This marked the first time a commercial bank took equity in a company that previously borrowed from over 30 Egyptian financial institutions. However, the listing covers only the Egyptian unit, which Bloomberg reported was being pitched at $900 million to $1 billion with Citigroup and EFG Hermes advising. The Turkish, Emirati, and Pakistani businesses remain outside the listed entity, meaning public investors are paying less for a smaller, more contained asset.
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MNT-Halan was founded in 2018 as a ride-hailing app for two- and three-wheelers before evolving into Egypt’s largest non-bank lender to unbanked and underbanked customers. The company has disbursed over $15.5 billion in loans and serves more than 8 million people. It achieved unicorn status in 2023 after raising $400 million in equity and debt at a $1 billion valuation.
Cairo’s market relies on this offering succeeding. Despite the main Egyptian index rising over 23% this year, foreign investors have remained cautious. Bankers view MNT-Halan as the catalyst to draw them back. CEO Mounir Nakhla has been meeting investors across the Gulf, London, and the United States to position the IPO. A similar 2025 listing by buy-now-pay-later platform Valu saw immediate gains on its first day of trading.
