Global law firm White & Case LLP has advised Citi and EFG, as joint global coordinators, on the initial public offering and listing of MNT Tech Holding for Financial Investments S.A.E. (MNT-Halan) on the Egyptian Exchange. MNT-Halan is one of Egypt's leading fintech platforms, offering an integrated suite of borrowing, payments, investment and consumer marketplace products. The initial public offering was achieved via the sale of 20% of MNT-Halan's issued share capital by its shareholder MNT Investments BV, raising c. US$150 million.
White & Case partner and co-head of the Firm's Global Capital Markets Practice, Laura Sizemore, said: "MNT-Halan's IPO is a landmark transaction for Egyptian capital markets and the largest IPO in Egypt in the past five years. Completed amid evolving regional and global developments, the transaction reflects strong investor interest in high-quality growth companies in Egypt."
The private tranche was over 19 times oversubscribed (excluding the cornerstone investors) and the public retail tranche was over 43 times oversubscribed.
The White & Case team which advised on the transaction was led by partners Said Hanafi, Walid El Daly and Mahmoud Ezz (all Cairo) and Max Turner (Paris), and included partners Inigo Esteve (London), Sami Al-Louzi (Dubai) and associates Farah Atef and Hassan Said (both Cairo), George Davie (London) and Andrew Scott and Wassim Mardini (both Dubai).
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