ipo fintech nigeria egypt liquidity private-equity

Africa Markets Weekly: Exits on local exchanges and new liquidity rails

MNT-Halan's $150M Egyptian IPO rose on debut while Nigeria's SEC proposed a depositary receipt framework to ease cross-border listings. Dangote's refinery IPO closed with demand from all 54 African countries, as private credit and licence acquisitions offered alternative paths to liquidity.

  • Bryan Smith
  • 8 min read

In short

  • MNT-Halan raised $150M in Egypt's largest IPO since 2021; shares rose on debut with 11.2x institutional and 43.6x retail oversubscription (October 2026).
  • Nigeria's SEC proposed an African depositary receipt framework to lift cross-border listings from 5 to 40 by 2036, addressing distribution gaps exposed by large offers.
  • Dangote refinery IPO closed 27 October with applications from all 54 African countries and 120 total; allotment due mid-November.
  • Helios Fund V is acquiring up to 49% of Mozambique's largest flour miller Merec, with Invictus retaining control.
  • Flutterwave launched share-backed borrowing for employees via Techdollar, offering liquidity without forced sales.

MNT-Halan delivers a VC-backed exit on the Egyptian Exchange

MNT-Halan's Egyptian business began trading on the Egyptian Exchange on 20 October 2026 under ticker HALN. The secondary offering of 320 million existing shares at EGP 24.50 each raised EGP 7.84 billion ($150 million), Egypt's largest IPO in dollar terms since 2021.

The institutional tranche was 11.2 times oversubscribed (19.4 times excluding cornerstone investors) while the retail tranche was 43.6 times oversubscribed, attracting more than 41,500 orders. Shares rose on debut; one report put the first-day close at approximately 6.6% higher, valuing the listed entity at roughly $770 million. Other coverage cited an 18% pop and a $745 million valuation.

The transaction provides a concrete exit for venture-backed shareholders in an African fintech on a local exchange. It also precedes anticipated international listings, including OPay's planned NYSE debut. A follow-on capital increase of up to EGP 4 billion at the offer price is planned.

Nigeria's SEC proposes depositary receipts to attract African issuers

On 22 October, Nigeria's Securities and Exchange Commission released its 2026–2036 Capital Market Masterplan 2.0, which includes an African depositary receipt (ADR) framework. The proposal aims to let non-Nigerian companies trade shares on the Nigerian Exchange via depositary receipts without a full secondary listing.

Key features include faster approvals, introductory listing-fee incentives, cross-border settlement links, tax neutrality and allowance for dual-class shares. The plan targets an increase in cross-border listings from five currently to 40 by 2036 as part of a broader goal to grow the capital market to N750 trillion ($562 billion).

The framework responds in part to distribution challenges observed during the Dangote offer, where retail participation across Africa highlighted infrastructure gaps. As a proposal, details and implementation timeline remain subject to consultation and approval.

Dangote refinery IPO closes with demand from every African country

Dangote Petroleum Refinery and Petrochemicals closed its IPO on 27 October 2026. The offer of 4.1 billion new shares at N525 each targeted approximately N2.15 trillion ($1.58 billion at prevailing rates), with a 30% greenshoe option that could lift the total to $2.1 billion.

The company reported investor applications from 120 countries across six continents, including all 54 African nations. Earlier updates cited buyers from 51 African countries and more than 90 overall. Domestic and retail commitments alone reportedly covered the base target, with total orders estimated by some sources at three times the ask, though the company has not published official subscription figures.

Allotment is expected around mid-November. The final allocation data will provide the clearest indicator yet of pan-African retail and institutional demand for large industrial assets listed in Lagos.

Private equity backs staples in Mozambique

Helios Investment Partners agreed on 21 October to acquire up to 49% of Stratton Africa Holdings Limited, the Mauritius holding company of Merec Industries, Mozambique's largest flour milling business. The seller, Invictus Investment, will retain majority control. Financial terms were not disclosed. The deal is expected to close by year-end subject to regulatory approvals.

Merec processes wheat and maize into flour, pasta, biscuits and animal feed, with facilities in Maputo, Beira, Nacala and a grain terminal at Maputo port. The investment gives Helios exposure to defensive consumer staples in a market where food security and regional SADC expansion matter. It also illustrates continued Gulf-Africa collaboration, as Invictus has Middle East ties.

DFIs anchor mid-market fund targeting North Africa

The European Investment Bank has proposed an $85 million commitment to Admaius Capital Partners' $500 million Virunga Africa Fund II. IFC has separately proposed $25 million. Roughly half the fund is earmarked for North Africa, with the balance across other key markets including Kenya, South Africa, Rwanda and Egypt.

Virunga Africa Fund II targets growth equity in established mid-sized companies in healthcare, FMCG, education, digital infrastructure and financial services. Typical tickets range from $15 million to $50 million, favouring majority stakes but allowing strategic minorities. The fund follows Virunga Africa Fund I, which closed at $280 million in 2022.

The proposed commitments underscore the continued role of development finance institutions as anchor investors for African mid-market vehicles, particularly where commercial LPs remain selective.

Liquidity without full exits gains traction

Flutterwave has partnered with US private-credit provider Techdollar to allow employees to borrow against vested shares without selling them. Loans typically run six to 12 months, advance less than half the equity value, and carry interest rates averaging around 16% annually. Proceeds are deposited via Nuvion, a Miami-based digital bank already used by Flutterwave for stablecoin infrastructure.

The programme gives staff access to liquidity while retaining upside, a rarity for African private companies where secondary sales or IPOs have been the primary routes. It follows other secondary-market developments and points to maturing private-market infrastructure.

In Egypt, Khazna acquired Pharos Consumer Finance to obtain an existing Financial Regulatory Authority consumer-finance licence. Egypt froze new fintech consumer-finance licences in February 2026, making licensed entities acquisition targets. The move allows Khazna to lend directly under regulation using its B2B2C payroll and pension-backed model.

Funding snapshot and other notable transactions

Nigeria led African startup funding in the first nine months of 2026 with $635 million, a 157% increase on the same period in 2025, according to Africa: The Big Deal. The total represented about 37% of country-specific funding tracked across the continent, out of an implied roughly $1.7 billion. Large deals dominated: Moove ($250 million), Flutterwave ($100 million), Jumia ($50 million) and Yellow Card ($40 million) accounted for the majority. The number of $100,000-plus deals rose modestly to 77 from 70.

CFAO Healthcare acquired 75% of Medswana, a leading pharmaceutical wholesaler and distributor in Botswana. The deal, completed earlier in 2026, expands CFAO's integrated pharmaceutical platform in Southern Africa.

Ground Up Investing reached a $6 million first close on its $20 million Fund 2, which will provide working-capital debt to agricultural SMEs in Kenya, Uganda, Rwanda and three Latin American countries. Corus International is the anchor investor. The vehicle builds on the first fund's track record of generating farmer income and improving land management.

What to watch next

Allotment results from the Dangote IPO, expected in November, will quantify actual demand and oversubscription levels across African retail and institutional channels. Implementation progress on Nigeria's depositary receipt framework will determine how quickly cross-border listings can scale. Further secondary liquidity transactions, particularly share-backed facilities or regulated licence acquisitions in Egypt and Nigeria, are likely as private companies remain private longer. Fundraising momentum for funds such as Virunga Africa Fund II will indicate whether DFI anchors can catalyse sufficient commercial capital for the mid-market in 2027.

Sources

Researched with AI from public sources and edited by the Africa Markets team before publication. It is information, not advice. See our Disclosures.

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