Shares of MNT-Halan rose 6.6% in their Egyptian Exchange debut on Tuesday, Bloomberg reported. By dollar value, the listing was Egypt’s largest IPO since at least 2021.

Early in the session, gains reached 18%. MNT-Halan provides consumer loans, microfinance and e-commerce services.

It offered 20% of its shares through a private sale and a public offer. Demand for both was well above the shares available. The company aimed to raise about EGP 7.84 billion (US$150 million).

Chief executive Mounir Nakhla said in an interview that the debut was in line with the company’s expectations, citing trading volumes.

According to Nakhla, the funds will help the company expand its business and launch new services.

Access to credit in Egypt is limited. The central bank is working on ways to help more of the country’s 110 million people open bank accounts and use other financial services.

Each year, MNT-Halan serves around 2 million customers, including 1.3 million borrowers. By the end of June, it had disbursed more than EGP 176 billion in financing.

Egypt’s stock market has continued to climb despite pressure from regional conflict. Its main index, the EGX30, is up nearly 22% this year.

Nakhla said he did not expect regional unrest to reverse market gains. He expressed confidence in Egypt’s handling of regional tensions and in the government’s economic policies.

Featured image: Edited by Fintech News UAE, based on image by MNT-Halan via its website and kues1 via Magnific.