MNT Tech Holding fixed the IPO price at 24.5 pounds a share and is putting 320 million shares on the block, roughly one fifth of MNT-Halan's issued capital. At that price, the company is targeting 7.84 billion pounds, around $150 million. Framed in dollars, this would be Egypt's largest listing since e-Finance for Digital and Financial Investments raised about $370 million in 2021.
The sale comes in two tranches. The public portion comprises 48 million shares; the private tranche may total 272 million shares, accounting for 85% of the offering. Subscriptions are open Oct. 7-Oct. 15, with a briefer period for the private placement. Minimum commitments are 5 million pounds for high-net-worth individuals and 10 million pounds for financial institutions.
Commercial International Bank, the country's biggest private lender, said Monday it agreed to a cornerstone investment of up to 2 billion pounds. Following the IPO, MNT Investments BV, the selling shareholder, has pledged to put in up to 4 billion pounds by taking additional shares at the offer price.
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MNT-Halan, a consumer and microfinance lender, is part of a broader pivot toward non-bank finance in Egypt as authorities try to boost private-sector growth. The economy has been exposed to spillovers from conflicts in the region and the war in Ukraine. Since the e-Finance IPO, when the pound traded near 15.7 per dollar, the currency has slid to about 52 per dollar. A 2024 float helped Egypt secure an expanded IMF program.
The listing arrives as the government pushes ahead with sales of state stakes to raise cash. In 2024, it sold 40% of United Bank for 4.57 billion pounds, and potential future disposals include potential sales of stakes in oil companies, certain military-linked entities, and banks like Banque du Caire. For your wallet, the signal is where local growth capital is heading and how currency swings can change the scale of deals when you translate them to dollars.
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