MNT-Halan Opens Egypt's Largest IPO Since 2021 at EGP 24.50

MNT-Halan opened subscriptions for 320 million shares at EGP 24.50 per share, representing approximately 20% of MNT Tech Holding's capital, in an offering valued at EGP 7.84 billion (around $149.7 million), making it the largest offering on the Egyptian Exchange since 2021. The market capitalization of the offered company is estimated at around EGP 39.2 billion (around $745 million).

The public offering will continue until October 15, while the private placement for qualified investors closes on October 13. Retail investors subscribed to 29.9 million shares out of 48 million shares offered to the public, representing a 62% coverage rate in the first session, indicating early interest from small investors.

In the same context, Commercial International Bank (CIB) committed to purchasing shares worth up to EGP 2 billion (around $38.15 million) as an anchor investor in the international tranche of the offering, according to an agreement signed on September 24, 2026, which remains subject to the offering's terms.

As the largest offering on the Cairo bourse since 2021, this serves as a test of the market's capacity to absorb large companies and attract local and foreign investors, at a time when Egypt seeks to revitalize its capital market. The company had set the offering price at EGP 24.50, compared to a fair value of EGP 25.92.

What Do These Terms Mean?

Initial Public Offering (IPO): The first sale of a company's shares to the public on the stock exchange, transitioning it from a company owned by its founders to a public joint-stock company where any investor can buy shares.

Subscription Coverage: The percentage of shares subscribed to by investors compared to the number offered for sale. A 100% coverage means all offered shares have been sold.

Anchor Investor: A major investor who commits to buying a specific stake of shares prior to the offering, giving remaining investors confidence in its success.

Private Placement: Offering shares to qualified investors and institutions away from the general public.

Fair Value: An independent estimate of the real price of a share, which investors compare against the offering price to determine whether the share is cheap or expensive.