Egyptian FinTech Unicorn MNT-Halan Eyes IPO, EFG Hermes Advising

MNT-Halan, a leading FinTech company, is planning to launch an Initial Public Offering (IPO) for its operations in the Egyptian market on the Egyptian Exchange as soon as possible this year. This exciting news comes from Bloomberg, citing sources familiar with the matter. According to these sources, the company is currently in discussions with Citi Group and EFG Hermes to look into the details of this potential deal. MNT-Halan has also started holding initial meetings with several investors to discuss the offering process. The sources preferred to remain anonymous due to the confidential nature of these discussions. The sources also mentioned that MNT-Halan's expected valuation for its Egyptian operations is estimated to be between $900 million and $1 billion. They added that while the company also has operations in Turkey, the UAE, and Pakistan, these specific activities will not be part of the entity planned for listing on the Egyptian Exchange. Headquartered in Cairo, MNT-Halan achieved a valuation of $1.4 billion last June during a funding round led by a subsidiary of the National Bank of Egypt. This move significantly boosted its standing among FinTech companies in the region. Before that, in 2023, UAE-based Chimera acquired over a 20% stake in MNT-Halan for $200 million. This acquisition officially granted the company 'unicorn' status, a term used for startups whose market value exceeds $1 billion. A spokesperson for MNT-Halan confirmed that the company has not yet finalized its decision to proceed with the IPO. They clarified that MNT-Halan is still evaluating various strategic alternatives and available listing options before making a final decision. While representatives from Citi Group declined to comment on the deal, EFG Hermes did not respond to requests for comment, as reported by Bloomberg. MNT-Halan was founded in 2018 and has successfully expanded its digital financial services across the Egyptian market. It has benefited from the continuous growth in the sector, especially with Egypt's financial inclusion rate rising to over 77%, according to the latest data from the Central Bank of Egypt.