MNT-Halan's IPO Oversubscribed 13.5 Times Ahead of Trading

MNT-Halan, an Egyptian fintech unicorn, is selling 320 million existing shares, representing about 20% of its business, at EGP 24.50 ($0.47) each. The retail offer was oversubscribed 13.5 times, with orders totaling EGP 15.9 billion ($304 million) against EGP 1.18 billion ($22.5 million) worth of shares.

This offer is expected to raise approximately EGP 7.84 billion ($150 million) for shareholder MNT Investments B.V. The institutional offer had already closed 11.2 times oversubscribed.

Trading for these shares is scheduled to begin on October 20. However, the Egyptian stock market has experienced significant losses, with a decline of roughly EGP 204 billion ($3.9 billion) in market value over three sessions.

Smaller stocks were particularly affected, with the EGX70 index falling about 9%, compared to a 3.8% decline in the blue-chip EGX30 index. Some fund managers are selling shares to generate cash for MNT-Halan and upcoming IPOs, including that of Banque du Caire.