{"id":545023,"date":"2022-03-31T04:00:49","date_gmt":"2022-03-31T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/"},"modified":"2022-03-31T04:00:49","modified_gmt":"2022-03-31T04:00:49","slug":"swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","title":{"rendered":"Swvl to debut on the Nasdaq today after SPAC merger approved"},"content":{"rendered":"

<\/a> Swvl is making its landmark Nasdaq debut today: <\/strong>Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move<\/a> in a general assembly meeting yesterday. Swvl is the second Middle Eastern tech company to list on the Nasdaq via a SPAC merger, after Abu Dhabi-based music streaming platform Anghami made its debut<\/a> earlier this year.<\/p>\n

Swvl is listing 35% of its shares under the ticker SWVL.<\/strong> Nasdaq trading opens at 9:30am EST \u2014 or 3:30pm CLT, with the shares set to open at USD 10 per share,<\/strong> Salem told us. The company plans to invest<\/a> USD 250-300 mn over the next three years to expand its global footprint after it goes public.<\/p>\n

All eyes will be on Swvl\u2019s performance today \u2014 and there may be some trepidation given the headwinds SPACs (and the Nasdaq) have recently faced<\/strong>. Redemption rates for US SPACs are soaring<\/a>, more blank-check mergers are being canceled<\/a>, and the Nasdaq has been battered by an extended sell-off in tech stocks amid global volatility. Anghami saw mass redemptions on its debut, as shareholders traded in 9.8 mn of the SPAC\u2019s 10 mn shares for cash.<\/p>\n

But Swvl is feeling confident: <\/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<\/a> previously.<\/p>\n

Backing the listing:<\/strong> The SPAC has raised USD 121.5 mn in private investment in public equities<\/a> (PIPE). Among those committing capital were the European Bank for Reconstruction and Development (EBRD), auto parts maker Teklas\u2019 VC arm Teklas Ventures, our friends at Chimera<\/a>, as well as Agility<\/a>, Luxor Capital Group, and Zain Ventures<\/a><\/p>\n

LOCAL<\/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

Swvl is also investing USD 15 mn in Argentina over the next three years to scale operations<\/strong>, Salem told us<\/a> earlier this month. Swvl entered Latin America for the first time late last year with its acquisition of a controlling stake in South American firm Viapool, following a soft entry a few months earlier with its acquisition of Spanish firm Shotl, which operates its on-demand SaaS platform in Brazil.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swvl is making its landmark Nasdaq debut today: Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move in a general assembly meeting yesterday. Swvl is the second Middle Eastern tech […]<\/p>\n","protected":false},"author":1,"featured_media":545024,"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":[72,78,120,439,507,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam","tag-ipo-watch","tag-nasdaq","tag-spacs","tag-swvl","tag-transport","wpautop","entry"],"acf":{"mongo_id":"a44063e2-df66-4fcb-9184-8408dbfa7590","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/712.jpg","photo_position":"above","related_issue":[545015],"teaser":"","voice_url":""},"yoast_head":"\nSwvl to debut on the Nasdaq today after SPAC merger approved - 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\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl to debut on the Nasdaq today after SPAC merger approved\" \/>\n<meta property=\"og:description\" content=\"Swvl is making its landmark Nasdaq debut today: Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move in a general assembly meeting yesterday. 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The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures,\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\/2\/61.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":545023,"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 "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":544659,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/","url_meta":{"origin":545023,"position":2},"title":"Swvl expects US regulators to greenlight its Nasdaq IPO today","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"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\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":556191,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/swvl-reports-record-topline-growth-in-3q2021-as-it-braces-for-nasdaq-debut\/","url_meta":{"origin":545023,"position":3},"title":"Swvl reports record topline growth in 3Q2021 as it braces for Nasdaq debut","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Swvl reported revenues of USD 16 mn in the third quarter of 2021, up nearly 263% y-o-y from USD 4.4 mn in 3Q2020 and almost 14x from the same quarter three years ago, the mass transport app said in an earnings release (pdf). The company\u2019s net margin also improved noticeably\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":656074,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/swvl-secures-sustainable-credit-facility-from-hsbc\/","url_meta":{"origin":545023,"position":4},"title":"Swvl secures sustainable credit facility from HSBC","author":"enterpriseam admin","date":"28 November 2024","format":false,"excerpt":"HSBC will manage Swvl\u2019s banking operations across multiple markets","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2642.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":545023,"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 "M&A WATCH"","block_context":{"text":"M&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\/545023","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=545023"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545023\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545024"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545023"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545023"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}