{"id":544659,"date":"2022-03-15T04:00:36","date_gmt":"2022-03-15T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/"},"modified":"2022-03-15T04:00:36","modified_gmt":"2022-03-15T04:00:36","slug":"swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/","title":{"rendered":"Swvl expects US regulators to greenlight its Nasdaq IPO today"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Mass transportation startup Swvl expects to receive final approvals on its IPO <\/strong><strong>from the US\u2019 Securities and Exchange Commission (SEC) today<\/strong>, CFO Youssef Salem told Enterprise. The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC <a href=\"https:\/\/queensgambitspac.com\/\">Queen\u2019s Gambit Growth Capital<\/a> by the end of the month, Salem added, pending sign-off from Queen\u2019s Gambit at its general assembly meeting on 30 March.<\/p>\n<p><strong>Refresher on the transaction:<\/strong> The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">will list<\/a> 35% of its shares on the exchange (c. 50 mn shares) and still plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/491a4363-fd78-435b-abee-d85c2c9cb5a1\">invest USD 250-300 mn<\/a> over the next three years to expand its global footprint after it goes public, Salem confirmed.<\/p>\n<p><strong>The backdrop: It\u2019s impressive that Swvl looks set to cross the finish line<\/strong> given the headwinds SPACs (and the Nasdaq) had faced:<\/p>\n<ul>\n<li><strong>SPACs are getting smacked:<\/strong> Investors are demanding their money back from SPACs post-IPO like never before. Redemption rates <a href=\"https:\/\/capitalintelligence.acuris.com\/spac-mergers-are-falling-over-like-never-before#!\">soared to 90<\/a><a href=\"https:\/\/capitalintelligence.acuris.com\/spac-mergers-are-falling-over-like-never-before#!\">%<\/a> in February, up from just 14% a year before.<\/li>\n<li><strong>And canceled:<\/strong> The number of SPAC mergers terminating before the IPO is soaring. After 2020 saw only seven SPAC failures, around two dozen have been canceled since the middle of last year, including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-14\/spac-mergers-are-falling-apart-at-rapid-pace-in-sign-of-fatigue?sref=mmeFTDW1\">at least six<\/a> in the first six weeks of 2022. Two \u2014 <a href=\"https:\/\/www.nasdaq.com\/articles\/lending-platform-kredivo-scraps-%242.5-billion-spac-deal-0\">Kredivo<\/a> and <a href=\"https:\/\/www.mddionline.com\/robotics\/another-device-spac-bites-dust\">Memic<\/a> \u2014 have been canceled in the past week alone.<\/li>\n<li><strong>Driving the SPAC-off:<\/strong> An extended sell-off in tech stocks. The Nasdaq has fallen into bear market territory due investor concerns over inflation, rising interest rates and the war in Ukraine, and is now down 21% from its peak in November. <\/li>\n<\/ul>\n<p><strong>This is forcing companies to turn to new sources of funding:<\/strong> Funds such as alternative asset manager Atalaya Capital Management and PE giant Apollo have been agreeing with companies to purchase shares from exiting investors, a form of investment known as redemption capital, according to the <a href=\"https:\/\/www.ft.com\/content\/991d89ec-1036-4a9e-b456-27a4a2256d30\">FT<\/a>.<\/p>\n<p><strong>Anghami beat Swvl to the punch for the Middle East\u2019s first US tech listing \u2014 but saw mass redemptions:<\/strong> Shareholders traded in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fed1190-1b84-448b-af10-5879267c0b75\">9.8 mn of the SPAC\u2019s 10 mn shares<\/a> for cash on its first day of trading in February.<\/p>\n<p><strong>Swvl isn\u2019t worried about volatile conditions: <\/strong>\u201cWe are not concerned because we have a pipeline of fully committed capital, between the PIPE investments we\u2019ve received and non-redemption agreements that we\u2019ve signed with Queen\u2019s Gambit\u2019s investors,\u201d Salem told us.<\/p>\n<p><strong>What PIPE investments?<\/strong> The startup <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fed1190-1b84-448b-af10-5879267c0b75\">received<\/a> a USD 21.5 mn funding boost last month from the European Bank for Reconstruction and Development (EBRD) and auto parts maker Teklas\u2019 VC arm Teklas Ventures, in a private placement (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eef3c40-2b12-4e25-a16b-fb8ee9063438\">PIPE<\/a>). The latest investment took Swvl\u2019s expected PIPE finance to USD 121.5 mn. Other PIPE investors include our friends at <a href=\"https:\/\/www.chimerainvestment.com\/Website\/en\/vcdetails.aspx?fundid=1\">Chimera<\/a> as well as <a href=\"https:\/\/www.agility.com\/en\/agility-ventures\/\">Agility<\/a>, Luxor Capital Group, and <a href=\"https:\/\/zain-ventures.com\/\">Zain Ventures<\/a>.<\/p>\n<p><strong>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","protected":false},"excerpt":{"rendered":"<p>Mass transportation startup Swvl expects to receive final approvals on its IPO from the US\u2019 Securities and Exchange Commission (SEC) today, CFO Youssef Salem told Enterprise. 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 end of the month, Salem [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":544660,"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":[72,78,120,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam","tag-ipo-watch","tag-nasdaq","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"504be7cf-b9c5-4cc7-8dc3-c1b39caa3e3e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/183.jpg","photo_position":"above","related_issue":[544653],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Swvl expects US regulators to greenlight its Nasdaq IPO today - 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\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl expects US regulators to greenlight its Nasdaq IPO today\" \/>\n<meta property=\"og:description\" content=\"Mass transportation startup Swvl expects to receive final approvals on its IPO from the US\u2019 Securities and Exchange Commission (SEC) today, CFO Youssef Salem told Enterprise. 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 end of the month, Salem [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-15T04:00:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Swvl expects US regulators to greenlight its Nasdaq IPO today\",\"datePublished\":\"2022-03-15T04:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\"},\"wordCount\":487,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"IPO watch\",\"Nasdaq\",\"Swvl\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/\",\"name\":\"Swvl expects US regulators to greenlight its Nasdaq IPO today - 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Swvl is\u2026","rel":"","context":"In &quot;IPO&quot;","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\/712.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":544659,"position":1},"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 &quot;IPO&quot;","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":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":544659,"position":2},"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 &quot;Investment Watch&quot;","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":[]},{"id":558499,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/swvl-new-capital-company-eye-debuts-on-egx\/","url_meta":{"origin":544659,"position":3},"title":"Swvl, New Capital company eye debuts on EGX","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Swvl could debut on EGX in 2022-2023: Mass transportation startup Swvl is considering an initial public offering on the Egyptian Exchange in 2022-2023 following its planned debut on the Nasdaq in 4Q2021, CFO Youssef Salem told Reuters, without providing further details.News of the company\u2019s Nasdaq ambitions broke last month when\u2026","rel":"","context":"In &quot;IPO&quot;","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\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543518,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/","url_meta":{"origin":544659,"position":4},"title":"Swvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"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,\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546083,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/","url_meta":{"origin":544659,"position":5},"title":"Swvl to acquire Turkish transit company Volt Lines","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Cairo-born mass transit firm Swvl is continuing its buying spree, announcing this week an agreement to purchase Turkish firm Volt Lines in what is the company\u2019s fourth acquisition in the past eight months.The details: The acquisition will be executed with a mix of cash and shares, with the \u201cvast majority\u201d\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.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\/544659","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=544659"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544659\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544660"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544659"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544659"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}