{"id":543518,"date":"2022-02-06T04:00:24","date_gmt":"2022-02-06T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/"},"modified":"2022-02-06T04:00:24","modified_gmt":"2022-02-06T04:00:24","slug":"swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/","title":{"rendered":"Swvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading"},"content":{"rendered":"

<\/a> The EBRD is backing Swvl ahead of Nasdaq debut:<\/strong> Egypt-born, UAE-based mass transit app Swvl has new investors on board as it gears up to go public on the Nasdaq via a SPAC merger, the firm announced on Wednesday. The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures, the venture capital arm of auto parts maker Teklas, will invest USD 21.5 mn in a private placement (PIPE<\/a>), joining Agility, Luxor Capital, Chimera and Zain which agreed last year to commit USD 100 mn.<\/p>\n

What\u2019s a PIPE, again?<\/strong> Standing for private investment in public equity, PIPEs are simply the sale of publicly-traded shares to private investors. Check out our explainer here<\/a> for more.<\/p>\n

Swvl is expected to IPO on the Nasdaq this quarter<\/strong> via a merger with US female-led SPAC Queen\u2019s Gambit Growth Capital<\/a>.<\/p>\n

The company will list 35% of its shares on the exchange<\/strong> (c. 50 mn shares) and hopes to go ahead with the listing before the end of March, CFO Youssef Salem told Enterprise, confirming a story first reported by Al Mal<\/a>.<\/p>\n

The latest investment takes Swvl\u2019s expected PIPE finance to USD 121.5 mn<\/strong>, of which USD 66.5 mn has been pre-funded, the company said. Other PIPE investors include Agility<\/a>, Luxor Capital Group, Chimera<\/a>, and Zain Ventures<\/a>.<\/p>\n

Minus one investor:<\/strong> Queen\u2019s Gambit announced in a filing last Sunday the termination of two agreements with Atalaya Capital Management that would have seen it invest up to USD 100 mn in SPAC shares and another USD 2 mn via a private placement.<\/p>\n

What they said:<\/strong> \u201cSwvl is a highly dynamic tech investor with a transformative business model that brings tangible benefits to travelers in Egypt and other countries of operation of the EBRD, benefiting female travelers in particular,\u201d said Sue Barrett, the EBRD\u2019s director of sustainable infrastructure for the Middle East, Turkey and Africa.<\/p>\n

Swvl made its entrance to Europe and Latin America last year<\/strong> after acquiring controlling stakes in Barcelona-based transportation platform<\/a>Shotl<\/a> and South American firm Viapool<\/a>, which operates in Argentina and Chile.<\/p>\n

IPO to fund big investment plans:<\/strong> The company plans to invest USD 250-300 mn<\/a> over the next three years to expand its global footprint after it goes public.<\/p>\n

Advisors:<\/strong> Law firm Ibrachy & Dermarkar is Swvl\u2019s legal advisor on the merger, while Vinson & Elkins and Shahid Law Firm are acting as advisors for Queen\u2019s Gambit.<\/p>\n

\n

The Middle East\u2019s first US tech listing soars on debut:<\/strong> Shares in Abu Dhabi-based music streaming platform Anghami rose as much as 82% on its Nasdaq trading debut on Friday following its merger with blank-check company Vistas Media Acquisition Company<\/a>, which valued the company at around USD 220 mn, Bloomberg<\/a> reports. Shares opened the session at USD 17.91 before falling back to close at USD 12.07.<\/p>\n

But the company saw a wave of redemptions:<\/strong> Shareholders holding 9.8 mn of Vistas\u2019 10 mn shares traded them in for cash during the day, continuing a trend that has seen appetite for SPAC listings diminish. Redemption rates hit 75% last month, up from just 14% a year before.<\/p>\n

Though Anghami isn\u2019t too worried:<\/strong> \u201c[Redemptions are] something that is recently expected but we were well-prepared with a solid PIPE to compensate for this,\u201d Anghami CEO Eddy Maroun told Bloomberg Daybreak (watch, runtime: 4:53<\/a>). \u201cOf course this is something that has been happening lately, but we\u2019re good with the funding that we have in place now.\u201d The SPAC raised USD 40 mn<\/a> in private investment from Shuaa Capital and Visas\u2019 parent company.<\/p>\n

About Anghami:<\/strong> The company says it has more than 70 mn registered users with some 1 bn streams each month. Revenues have jumped 80% since 2018 and are projected to rise five-fold over the coming three years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EBRD is backing Swvl ahead of Nasdaq debut: Egypt-born, UAE-based mass transit app Swvl has new investors on board as it gears up to go public on the Nasdaq via a SPAC merger, the firm announced on Wednesday. The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures, the venture capital arm of […]<\/p>\n","protected":false},"author":1,"featured_media":543519,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[817,534,350,72,78,816,148,120,815,814,439,507,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-agility-logistics","tag-anghami","tag-chimera-investment","tag-enterpriseam","tag-ipo-watch","tag-luxor-capital","tag-music","tag-nasdaq","tag-pipe","tag-shuaa-capital","tag-spacs","tag-swvl","tag-transport","wpautop","entry"],"acf":{"mongo_id":"7fed1190-1b84-448b-af10-5879267c0b75","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/61.jpg","photo_position":"above","related_issue":[543512],"teaser":"","voice_url":""},"yoast_head":"\nSwvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading\" \/>\n<meta property=\"og:description\" content=\"The EBRD is backing Swvl ahead of Nasdaq debut: Egypt-born, UAE-based mass transit app Swvl has new investors on board as it gears up to go public on the Nasdaq via a SPAC merger, the firm announced on Wednesday. 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The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545513,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/swvl-rises-on-nasdaq-debut-eyes-dual-listing-on-the-egx\/","url_meta":{"origin":543518,"position":2},"title":"Swvl rises on Nasdaq debut, eyes dual listing on the EGX","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Swvl shares rise on Nasdaq debut: Shares in Cairo-born mass transit app Swvl rose on their Nasdaq debut on Friday as the company concluded its SPAC merger with Queen\u2019s Gambit Growth Capital. Shares rose to an intraday high of USD 10.30 after opening at USD 9.60 before paring gains to\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563981,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/zain-to-invest-usd-10-mn-in-swvl-listing\/","url_meta":{"origin":543518,"position":3},"title":"Zain to invest USD 10 mn in Swvl listing","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"Kuwaiti telecoms provider Zain will invest USD 10 mn in Swvl\u2019s newly announced merger with US-based SPAC Queen\u2019s Gambit, ahead of the ride-sharing app\u2019s highly anticipated debut on the Nasdaq, according to a company statement (pdf) to the Kuwaiti bourse. Queen\u2019s Gambit Growth Capital, which bills itself as \u201c100% female-led,\u201d\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/swvl-to-go-public-through-merger-with-us-spac\/","url_meta":{"origin":543518,"position":4},"title":"Swvl to go public through merger with US SPAC","author":"enterpriseam admin","date":"28 July 2021","format":false,"excerpt":"Mass transportation startup Swvl could soon go public through a merger with US SPAC Queen\u2019s Gambit Growth Capital, the Wall Street Journal reports. The ridesharing app will debut on the Nasdaq after reaching a roughly USD 345 mn \u201cde-SPAC transaction agreement\u201d (that\u2019s fancy-talk for \u201cmerging with a SPAC\u201d) that values\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558862,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/swvl-to-invest-up-to-usd-300-mn-globally-over-next-three-years\/","url_meta":{"origin":543518,"position":5},"title":"Swvl to invest up to USD 300 mn globally over next three years","author":"enterpriseam admin","date":"30 August 2021","format":false,"excerpt":"Mass transport startup Swvl is planning to invest USD 250-300 mn over the next three years to expand its global footprint, the company\u2019s CFO Youssef Salem told Al Mal. The big ticket spending will come after the company completes its IPO on the Nasdaq, and will be used to help\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543518"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543518\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543519"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543518"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543518"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}