'MNT-Halan': Institutional Offering 11.2x Oversubscribed Ahead of October 20 Trading
Demand for the institutional tranche in the 'MNT-Halan' offering was 11.2x oversubscribed, with the participation of over 300 investors from 10 countries for 272 million shares at a price of EGP 24.50 per share.
Initial public offering results for "MNT-Halan" showed that the private institutional placement tranche was 11.2x oversubscribed, after more than 300 investors from over 10 countries placed orders for 272 million shares at EGP 24.50 per share, according to the "Enterprise AM" platform.
Excluding anchor investors "CIB" and "Redwheel", the coverage ratio reached over 19x, indicating that institutional demand alone exceeded supply multiple times over.
The offering of 320 million shares is valued at approximately EGP 7.84 billion, raising the company's valuation to around EGP 39.2 billion, equivalent to nearly $750 million, according to the source.
Company shares are scheduled to begin trading on the Egyptian Exchange on October 20 under the ticker symbol "HALN," making it the largest IPO on the Egyptian Exchange since 2021.
What do these terms mean?
Initial Public Offering: The first process in which a company sells its shares to the public on the stock exchange to raise capital.
Subscription Coverage: The ratio of demand for the offered shares; reaching 11.2x means investors requested more than eleven times the amount of shares offered.
Anchor Investor: A major investor who commits to purchasing shares during an offering to demonstrate confidence in the company and attract other investors.
Market Valuation: The total value of the company based on its stock price in the market.
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