MNT-Halan, Egypt's fintech unicorn, has cleared one of the biggest hurdles before an initial public offering. The Egyptian Exchange approved the temporary listing of 1.6 billion shares in MNT Tech Holding for Financial Investments, the holding company for its Egyptian business, TechCabal reports. The shares will trade under the ticker HALN.CA.
Investors cannot buy yet. The temporary listing gives the company six months to complete the offering and meet the remaining requirements, or the listing lapses unless the regulator extends it.
Only part of the company
Only the Egyptian unit is going public. The parent company, which also owns subsidiaries in Pakistan, Turkey and the United Arab Emirates, will stay private. Bloomberg reported in June that an IPO could value the Egyptian business at $900 million to $1 billion, and the company was valued at $1.4 billion in a June round led by Al Ahly Capital, TechCabal notes. Citigroup and EFG Hermes are working on the deal.
Investors who own at least 10% at listing will have to keep 51% of their stake for at least two financial years.
