EFG Hermes Completes Advisory Role on MNT-Halan’s IPO

EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that it has successfully concluded its role as Joint Global Coordinator and Joint Bookrunner on the initial public offering (IPO) of MNT Tech Holding for Financial Investments S.A.E. (MNT-Halan) on the Egyptian Exchange (EGX). Priced at EGP 24.50 per share, the EGP 7.84 billion offering represents Egypt’s largest IPO since 2021 in USD terms and largest IPO by a private company in a decade, marking a significant milestone for the country’s capital markets and giving investors access to one of Egypt’s leading fintech platforms with substantial scale, strong financial growth, and nationwide reach.

The IPO comprised a secondary offering of 320 million ordinary shares by MNT Investments B.V. (the “Selling Shareholder”), representing 20% of MNT-Halan’s issued share capital. The offering was structured in two tranches: a private tranche for qualified investors and a public tranche open to retail subscription in Egypt. Following completion of the offering, the Selling Shareholder will subscribe for additional shares through a closed subscription at the offer price, for an aggregate amount of up to EGP 4 billion, providing MNT-Halan with fresh capital to support its next phase of growth.

The offering attracted strong demand from high-quality regional and international institutional investors, regional family offices, and local institutional and retail investors, with CIB and RWC participating as cornerstone investors. The private tranche was 11.2x oversubscribed and 19.4x oversubscribed excluding cornerstone investors, while the public tranche was 43.6x oversubscribed, bringing total demand to c. EGP 126 billion. The private tranche received orders from more than 300 investors across more than 10 countries, while the public tranche attracted more than 41,500 subscription orders, underscoring the breadth of investor interest in MNT-Halan’s growth story.

The transaction comes as renewed foreign investor interest in Egypt, creates a more constructive backdrop for equity issuance. MNT-Halan’s IPO builds on this momentum by expanding the range of investable companies on the EGX, broadening sector exposure, and attracting domestic and international investors, supporting the continued development of Egypt’s capital markets.

Mostafa Gad, Global Head of Investment Banking at EFG Hermes, commented: “Delivering Egypt’s largest IPO since 2021 is a defining milestone for MNT-Halan and an important moment for the Egyptian capital market. MNT-Halan brings together leadership in core lending segments, a technology-enabled hybrid distribution model, and strong financial performance,,a compelling proposition for investors seeking exposure to Egypt’s evolving financial services sector. Our role in this transaction demonstrates EFG Hermes’ ability to bring major issuers to market, combining deep execution expertise with extensive investor reach. We are proud to have supported MNT-Halan in this pivotal step in its growth journey.”

MNT-Halan’s business combines digital access with an extensive on-the-ground presence across Egypt’s microfinance, SME, and consumer finance markets. The company serves approximately 1.9 million active customers through a hybrid distribution model that combines the Halan App with more than 1,200 physical distribution points across 25 governorates.

For EFG Hermes, the transaction adds a landmark offering to its regional equity capital markets track record, reinforcing its ability to execute large-scale mandates and connect leading businesses with domestic and international investors. For the EGX, it broadens access to Egypt’s growing non-bank financial services sector and underscores the role of public markets in supporting the next generation of major Egyptian businesses.