MNT-Halan has reportedly initiated plans for a Cairo IPO of its Egyptian business, with Citigroup and EFG Hermes engaged as advisers.
According to Bloomberg, the company has engaged Citigroup and EFG Hermes to advise on the process and has held preliminary discussions with prospective investors.
The Egyptian business is expected to be valued at between USD 900 million and USD 1 billion for the purpose of the listing. MNT-Halan also operates in Turkey, the United Arab Emirates, and Pakistan, though those operations would not form part of the listed entity.
A company spokesperson stated that no final decision has been reached regarding an IPO, and that the firm continues to evaluate strategic alternatives and potential listing venues. Citigroup declined to comment, while EFG Hermes did not respond to a request for comment.
Egypt's capital markets backdrop
A potential MNT-Halan listing would take place against a backdrop of relative strength in Egyptian equity markets. The country's benchmark stock index has risen by more than 23% this year, despite a sharp decline in March during the early stages of the US-Iran conflict. Moreover, several recently listed companies have recorded notable gains, including food retailer Gourmet Egypt, whose shares have nearly doubled since its IPO in January 2026.
Other fintech companies on the Egyptian exchange have also performed well. E-Finance for Digital and Financial Investments, which raised more than USD 370 million in a 2021 public offering, has gained approximately 13% this year. Valu, which was listed in 2025, has risen by close to a third.
The proposed listing would join a pipeline of anticipated offerings in Egypt, including several state-affiliated entities such as Banque du Caire and Misr Life Insurance. By contrast, IPO activity across the Gulf has slowed considerably this year, a trend that preceded the onset of the regional conflict.
Egypt's central bank has reported that the country's financial inclusion rate has surpassed 77%, a figure that underscores the scale of the addressable market for digital financial services providers such as MNT-Halan.
