Gibson Dunn, White & Case Advise on MNT-Halan’s EGX IPO

Gibson Dunn advised MNT Tech Holding for Financial Investments (MNT-Halan) and its selling shareholder, MNT Investments, on the initial public offering (IPO) and listing of MNT-Halan on the Egyptian Exchange (EGX). In connection with the operation, White & Case has advised Citi and EFG, as joint global coordinators.

Offering structure

MNT Investments sold 320,000,000 existing shares, representing 20% of MNT-Halan’s issued share capital, at an offer price of EGP 24.50 per share. Of these, 272,000,000 shares were allocated to a private placement to institutional investors and 48,000,000 shares to a public offering in Egypt. The shares trade under the ticker HALN.CA.

The transaction also provides for a closed subscription by MNT Investments for up to EGP 4 billion of new shares at the offer price, following completion of the offering.

Investor demand

The institutional tranche was 11.2 times oversubscribed, or 19.4 times excluding cornerstone investors, with orders from more than 300 investors across more than 10 countries. The retail tranche was 43.6 times oversubscribed and drew more than 41,500 subscription orders.

About MNT-Halan

MNT-Halan is an Egyptian fintech platform offering borrowing, payments, investment and consumer-marketplace products. The group is active in Egypt’s non-bank microfinance, SME finance and consumer finance markets.

Advisory teams

The Gibson Dunn team comprised partners Marwan Elaraby and Jade Chu, and associates Krishna Parikh, Rachel Treasure and Mostafa Mabrouk.

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).

Pictured: Marwan Elaraby (left) and Jade Chu (right)