MNT-Halan's IPO Surges 6.6% on Egyptian Exchange

MNT-Halan, a fintech unicorn based in Egypt, completed its initial public offering (IPO) on the Egyptian Exchange (EGX), concluding its first trading day at 6.6% above the IPO price. The stock initially surged by as much as 18% during the session.

The IPO was heavily oversubscribed, raising around EGP 7.84 billion ($150 million) from the sale of a 20% stake in its local Egyptian business. Retail investors showed significant demand, requesting more shares than were available, while institutional investors also oversubscribed their portion multiple times.

The closing price of EGP 24.50 ($0.47) indicates that the offer price provided enough value for new investors to profit without excessively diluting the company's worth. It is important to note that the IPO was a secondary sale, with existing shareholder MNT Investments selling the shares and receiving the proceeds, rather than MNT-Halan raising new capital directly from the listing.