Egyptian fintech unicorn MNT-Halan is moving closer to becoming a publicly traded company, with its temporary listing approved by the Egyptian Exchange (EGX) this week. The move could value the company’s Egyptian business at up to $1 billion.
MNT-Halan has been one of Egypt’s most successful fintech startups, disbursing over $15.5 billion in loans and serving 8 million users as of last year. Its revenue reached $300 million in 2022, driven by its microfinance services targeting underserved populations.
The temporary listing allows MNT-Halan to complete the offering within six months and meet remaining requirements before becoming fully listed on the EGX under the ticker HALN.CA. The company has already engaged Citigroup and EFG Hermes as advisors for the transaction and is currently meeting with potential investors.
This IPO could be one of the most closely watched startup listings in Egypt, particularly after years of challenges for African tech companies seeking exit routes. With backing from institutions like the National Bank of Egypt investment arm Al Ahly Capital, MNT-Halan’s public offering represents a significant milestone for the region’s fintech ecosystem.
The company has raised over $550 million in funding to date, including a 2023 round that valued it at $1.4 billion, making it one of Egypt’s most valuable startups.