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.
Tags
Related editorial
MIS Teams Up with Saudi Fransi Capital to Power Up Saudi Arabia's Data Centers
MIS (Al Moammar Information Systems) and Saudi Fransi Capital are joining forces to explore building three major new data centers in Riyadh, Dammam, and Jeddah. MIS will handle the development, design, and management of these facilities, which aim to add a significant 48 megawatts of capacity to Saudi Arabia's digital infrastructure, supporting the nation's digital transformation goals.
REVYN Launches UAE's First Resale Platform with No Seller Fees
Get ready for REVYN, a new platform now live in the UAE on iOS and Android! It lets users easily buy and sell pre-owned items directly. What's really cool is that sellers pay absolutely no commission, making it the first model of its kind in the UAE market and a big win for sustainable living.
Paymob and UnionPay Team Up to Expand Digital Payments Across Egypt, Boosting Global Connections
Exciting news for Egypt's digital payment landscape! Paymob and UnionPay have joined forces to significantly expand UnionPay card acceptance at over 160,000 locations across the country. This fantastic partnership is set to make cross-border payments smoother, giving a big boost to tourism and digital commerce in Egypt.
FRA Dispels Rumors: Non-Banking Financial Companies' Branches Remain Open
The Financial Regulatory Authority (FRA) has debunked recent social media rumors claiming the closure of non-banking financial company branches. The FRA clarified that the decision being circulated is an old one, dating back to October 2025, and specifically does not apply to the non-banking financial companies mentioned in the rumors. The authority assures the public that the sector is operating as usual.