MNT-Halan’s $150M IPO and Quickmart’s stake sale reshape African startup exits

MNT-Halan’s $150 million IPO valuing the company at $750 million

MNT-Halan, reported as Egypt’s first fintech unicorn, has launched an initial public offering (IPO) on the Egyptian Exchange (EGX). The company is offering 20% of its local business arm, equivalent to 320 million existing shares, to raise $150 million. The shares are priced at EGP 24.5 ($0.47) each, valuing the company at $750 million.

According to TechCabal, the IPO proceeds will go to the shareholder rather than the listed Egyptian entity. The shareholder plans to reinvest up to EGP 4 billion ($76 million) into the business through a separate capital increase. Commercial International Bank (CIB) and London-based fund Redwheel have already committed to approximately 39% of the base offer.

The IPO’s pricing values MNT-Halan at about 20 times its projected 2025 profit, compared to 28.5 times for its listed competitor, Valu. Mounir Nakhla, MNT-Halan’s co-founder and CEO, reportedly said the company might have raised only $30–40 million in 2024 if it had pursued private funding instead.

Quickmart’s owners offer 50% stake in IPO, eye further sale

In Kenya, Quickmart’s owners are selling 50% of the supermarket chain through an IPO on the Nairobi Securities Exchange (NSE). The offering consists of two billion existing shares priced at KES 7.50 ($0.58) each, which could raise KES 15 billion ($116 million) if fully subscribed. This would leave the current owners, including private equity firm Adenia Partners, with a 50% stake.

Quickmart’s ownership includes Adenia Partners, the families behind Quickmart and Tumaini supermarkets, and CEO Peter Kang’iri. Adenia Partners initially invested in Quickmart and Tumaini in 2018 and merged the two chains in 2020. The IPO is seen as a way to demonstrate that the NSE can facilitate staged exits for private investors, with the potential for an additional 20% stake sale post-listing.

South Africa’s data rules delayed by legal challenges

South Africa’s Independent Communications Authority (ICASA) has delayed the implementation of new data rules designed to give mobile users more control over their data. The rules would have allowed unused data bundles to roll over and prevented surprise out-of-bundle charges.

The delay stems from legal challenges by telecom giants MTN and Vodacom, who have contested the regulations in court. ICASA confirmed that the legal action will postpone the rollout, though no new timeline has been provided.

Ghana approves plans for national space agency

Ghana’s Cabinet has approved plans to establish a national space agency to coordinate the country’s space activities. The new agency will evolve from the existing Ghana Space Science and Technology Institute (GSSTI), currently under the Ghana Atomic Energy Commission (GAEC).

The agency’s remit includes supporting research and innovation, fostering partnerships, and developing expertise in satellite engineering and geospatial science. The move aims to position Ghana as a leader in space technology on the continent.

Background: African startups and market infrastructure

African markets are seeing increased activity in public listings and regulatory frameworks, reflecting growing maturity in sectors like fintech, retail, and telecommunications. While exchanges like the EGX and NSE are becoming viable exit options, challenges such as liquidity and valuation remain. Meanwhile, government initiatives in technology and infrastructure—such as Ghana’s space agency—highlight broader ambitions to build domestic capabilities in high-tech sectors.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

For founders and operators, these developments highlight how African markets are evolving in distinct ways. MNT-Halan’s IPO signals growing investor confidence in fintech—but the fact that proceeds go to shareholders rather than the company itself is worth noting. It suggests that IPOs in this region may still be driven by liquidity needs rather than pure growth capital, which could influence how startups structure their exits.

Quickmart’s staged exit strategy, meanwhile, offers a playbook for private equity-backed businesses: an initial 50% sale provides liquidity while leaving room for further divestment. This approach could become more common as African exchanges mature and founders seek flexible exit options.

The delays in South Africa’s data rules underscore the tension between regulation and industry pushback. Founders in highly regulated sectors (telecoms, fintech, health) should anticipate prolonged compliance timelines and factor legal risks into their roadmaps.

Ghana’s space agency plans reflect a broader trend: African nations are investing in high-tech infrastructure beyond immediate economic needs. For startups in adjacencies—satellite data, agritech, logistics—this could open up new B2G opportunities in the coming years.

Key takeaways

• Startups considering IPOs should weigh whether the primary goal is shareholder liquidity or growth capital—both have different structural implications.
• Staged exits (e.g., partial IPOs followed by secondary sales) are gaining traction in African markets, offering flexibility for founders and investors.
• Regulatory hurdles in sectors like telecoms can create uncertainty; build contingency plans for compliance delays.
• Government investments in niche sectors (e.g., space tech) may create future opportunities for startups in adjacent industries. Keep an eye on public tenders.
• African exchanges are increasingly viable for exits, but liquidity and valuation multiples may differ from global benchmarks.

FAQ

Why are the IPO proceeds from MNT-Halan’s offering going to shareholders instead of the company?

According to TechCabal, the $150 million raised from MNT-Halan’s IPO will go to the existing shareholder, not the company itself. The shareholder plans to reinvest $76 million into the business through a separate capital increase, which is a common structure for providing liquidity to early investors while infusing fresh capital.

What is the significance of Quickmart’s staged exit strategy?

Quickmart’s owners are selling 50% of the company in an IPO, with the option to sell an additional 20% later. This approach allows them to secure liquidity while retaining influence and flexibility. It also signals to other private equity-backed businesses that staged exits are a viable strategy on African exchanges like the Nairobi Securities Exchange (NSE).

How might Ghana’s space agency impact startups?

Ghana’s planned space agency could create opportunities for startups in satellite data, geospatial science, and related sectors. By coordinating space activities and fostering research, the agency may open doors for public-private partnerships, government contracts, and innovation in industries like agriculture, logistics, and urban planning.

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