MNT Tech Holding for Financial Investments, the parent company of Egyptian fintech unicorn MNT-Halan, has filed a formal listing request with the Egyptian Exchange (EGX) to admit its shares to the main market. The filing, received on September 8, 2026, was made under Article 20 of the exchange’s listing rules and covers the company’s entire issued capital of EGP 160 million, split into 1.6 billion shares at a nominal value of EGP 0.10 each.
The First Formal Step Toward an IPO
The EGX will publish the announcement for five working days while MNT-Halan finalises its listing documents, which then go to the exchange’s listing committee for review. Approval is not guaranteed and depends on the committee’s assessment and full regulatory compliance, but the filing marks the first concrete procedural move in a listing process that has been rumoured and reported since mid-2026.
MNT-Halan is working with Citigroup and EFG Hermes as advisers and has reportedly held preliminary investor meetings pitching a valuation of up to $1 billion for its Egyptian arm alone, according to Bloomberg reporting cited by regional outlets. That figure applies only to the domestic business being listed; MNT-Halan’s operations in Turkey, Pakistan and the UAE will remain privately held. The gap between that $1 billion figure and the group’s overall $1.4 billion valuation, set in June 2026 when Al Ahly Capital, the investment arm of the National Bank of Egypt, led a $157.5 million-plus round into the company, reflects that partial scope rather than a down round.
Betting on Domestic Roots Over Foreign Exchanges
Founded in 2018 by Mounir Nakhla, MNT-Halan started as a two- and three-wheeler ride-hailing app in Cairo before pivoting into micro-lending, payments, consumer finance and e-commerce. The company has since disbursed more than $15.5 billion in loans to unbanked and underbanked customers across Egypt, Turkey, Pakistan and the UAE, expanding into the Turkish market through its acquisition of Tam Finans in 2024 and pushing into the UAE the same year. It now serves more than eight million customers and holds over a quarter of Egypt’s microfinance market.
The choice of Cairo over London or New York breaks from the pattern set by Nigerian rivals OPay and PalmPay, which have pursued listings abroad rather than on the Nigerian Exchange, where zero startup IPOs have been recorded to date. MNT-Halan’s local roots may make Cairo a more viable venue for it than Lagos would be for a Nigerian counterpart: the company holds deep domestic brand recognition, and Egyptian retail investors have already shown appetite for fintech stocks. Valu, a consumer finance platform that listed on the EGX in mid-2025 through an in-kind share dividend mechanism, saw its share price surge more than 850% on debut and its market capitalisation pass EGP 17 billion within weeks.
The Risks Beneath the Momentum
The EGX’s benchmark index is up more than 23% this year, and several recent listings, including e-commerce firm Gourmet Egypt and payments group E-Finance, have posted strong gains, giving MNT-Halan a receptive backdrop. But betting an IPO on continued market enthusiasm carries its own risk: momentum in thinly traded emerging markets can reverse quickly, and Egypt’s own equities dipped sharply in March 2026 during the early stages of the US-Iran conflict before recovering.
There is a more structural question too. MNT-Halan’s business rests heavily on consumer and micro-business lending, a portfolio that is inherently exposed to credit risk in an economy still working through currency volatility and inflation pressure. A public listing brings quarterly disclosure obligations that will expose loan-book quality to far more scrutiny than the company faced as a private company backed by development finance institutions and private equity. Whether retail and institutional investors price that risk accurately, rather than simply extrapolating from Valu’s debut rally, will determine how the float actually performs once shares start trading.
What Comes Next
The five-day public notice period, followed by listing committee review, will determine whether MNT-Halan clears its next procedural hurdle before pricing and a public debut can be scheduled. If it proceeds, the listing would rank among the largest technology floats in Egypt’s history and could encourage other privately held Egyptian tech companies weighing similar moves, particularly as the country’s pipeline of anticipated offerings, including state-affiliated entities like Banque du Caire, continues to build.
