FinTech & SaaS Marketing

MNT-Halan IPO: The Key Facts, From Someone Who Helped Build It

7 min read

MNT-Halan listed 20% of its Egyptian business on the Egyptian Exchange (EGX) on 20 October 2026, under the ticker HALN. The parent company sold 320 million existing shares at EGP 24.50 each, raising EGP 7.84 billion (about $150 million), and the retail tranche was covered 43.6 times. It is Egypt's largest IPO (Initial Public Offering) in dollar terms since 2021.

I have a personal reason to follow this one closely. I joined Halan in 2020 as Head of Digital & Performance Marketing, then served as Group VP Marketing & Growth at MNT-Halan until 2024. I watched a ride-hailing app become Egypt's biggest fintech app, inside a group often described as the country's first fintech unicorn. This article covers the IPO facts first, then what I think the listing means for founders and marketers.

MNT-Halan IPO at a glance

Exchange and ticker: EGX main market, HALN
Offer: 320 million existing shares, 20% of the company, sold by the parent, MNT Investments B.V.
Price: EGP 24.50 per share, about 5.5% below the independent fair value of EGP 25.92 set by BDO Keys
Size: EGP 7.84 billion, about $150 million
Valuation at the offer price: about EGP 39.2 billion, roughly $750 million
Demand: private placement covered 11.2 times; retail tranche covered 43.6 times with more than 41,500 orders; total demand of about EGP 126 billion
Subscription period: 7 to 15 October 2026
First trading day: 20 October 2026, closing up 6.6% at about EGP 26.12 after touching 18% higher during the session
Global coordinators: Citigroup and EFG Hermes

What was actually listed

The listed company is MNT Tech Holding for Financial Investments, which holds MNT-Halan's Egyptian business only. The operations in Türkiye, Pakistan and the UAE stay with the Dutch parent. So when you read about a $1.4 billion valuation from the group's June 2026 funding round, that number covers more than what is trading on EGX.

In Egypt, the business covers microfinance through Tasaheel, consumer finance, SME (small and medium-sized enterprise) lending, payments through the Halan card and e-wallet, and investment products, all connected through the Halan app. As of 30 June 2026 it had about 1.9 million active customers, more than 1,200 distribution points across 25 governorates, and a gross loan book of EGP 46.7 billion.

Why investors wanted in

The numbers explain most of the demand. Revenue grew from EGP 9.4 billion in 2023 to EGP 19.8 billion in 2025, and net profit was close to EGP 2 billion in 2025. At the offer price, the stock was valued at about 20 times 2025 earnings, while Valu, the closest listed peer, traded at about 28.5 times at the end of the third quarter.

Two cornerstone investors also set the tone before subscriptions opened. CIB committed up to EGP 2 billion, and London-based Redwheel took about $20 million; together they took more than a third of the base offer. The private placement drew more than 300 investors from over 10 countries, which matters in a market where foreigners made up only about 6% of trading in the third quarter of 2026.

A secondary sale, followed by a capital increase

One detail many people missed: the company itself did not receive the IPO money. All 320 million shares were existing shares sold by the parent. After the IPO, the parent has committed to put up to EGP 4 billion back into the listed company through a capital increase at the same EGP 24.50 price. According to CEO Mounir Nakhla, the rest of the proceeds will fund the Turkish business and an acquisition in another Arabic-speaking market.

There are also protections for new shareholders. The parent must keep at least 51% of its stake for 24 months after listing. And until 18 November 2026, a stabilisation buy order at EGP 24.50 gives retail subscribers a floor if they want to sell their allocated shares.

The risks worth watching

A strong debut does not remove the risks. These are the ones analysts and the prospectus point to:

Regulation: the FRA (Financial Regulatory Authority) has temporarily frozen new fintech-based consumer-finance licences and tightened oversight of consumer finance and BNPL (Buy Now, Pay Later) providers. MNT-Halan already holds its licences, but the rules are moving.
Credit quality: many customers are underbanked, so repayment discipline is the key sensitivity. The company says non-performing loans are below 2.5% (Thndr's prospectus summary puts them at 1.5%), with provisions well above what the FRA requires.
Competition: Valu, Khazna and Paymob are chasing the same customers.
Currency and inflation: a weaker pound shrinks dollar returns for foreign investors.
Earnings mix: in the first half of 2026, portfolio sales and securitisation were the largest revenue source, and first-half profit, annualised, ran below 2025.

This is not investment advice. If you are deciding whether to buy or hold the stock, read the prospectus and speak to a licensed adviser.

What I learned inside Halan

The IPO numbers reflect choices made years ago. Three of them stand out from my time there.

First, trust came before features. Halan started as a two- and three-wheeler ride-hailing app, and the relationship with those riders and drivers made it possible to offer them payments and credit later. Fintech brands in Egypt grow on trust, and trust is built on the ground as much as online.

Second, branches and the app worked together. According to the IPO materials, 61% of customers acquired at a branch later moved to the app. That only happens when marketing, product and the field team share one plan instead of competing for credit.

Third, cross-selling paid off. About 52% of customers now use more than one service, and those customers have roughly 64% higher lifetime value. Growth that compounds comes from the second and third product, not only from new installs. I wrote more about this in fintech marketing lessons from Halan and growth at unicorn scale.

What it means for Egypt's startups

MNT-Halan shows that EGX can absorb a large, profitable tech company, and that local investors will show up for one. It also shows that the road to listing is long: the group built licences, a loan book and profits before it went public. Founders who plan to list one day should build the habits now: clean numbers, clear unit economics and a brand people already trust. For the wider picture, from Fawry to Swvl, read my overview of tech IPOs in Egypt.

FAQ

When did MNT-Halan start trading on the Egyptian Exchange?

MNT-Halan's shares started trading on EGX on 20 October 2026 under the ticker HALN. They closed the first day up 6.6%, at about EGP 26.12, after rising as much as 18% during the session.

What was the MNT-Halan IPO price?

The offer price was EGP 24.50 per share for 320 million shares, or 20% of the company. That put the total offering at EGP 7.84 billion, about $150 million.

Did MNT-Halan raise new money in the IPO?

No. The IPO was a sale of existing shares by the parent, MNT Investments B.V. The parent has committed to reinvest up to EGP 4 billion in the listed company through a capital increase at the offer price.

If you are building a fintech or consumer brand in Egypt or the Gulf and want help with growth, positioning or the marketing team behind it, let's talk. You can also see how I work as a fractional CMO.

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