{"id":555557,"date":"2021-11-18T03:59:46","date_gmt":"2021-11-18T03:59:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/"},"modified":"2021-11-18T03:59:46","modified_gmt":"2021-11-18T03:59:46","slug":"anghami-eyes-december-nasdaq-listing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/","title":{"rendered":"Anghami eyes December Nasdaq listing"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Anghami to complete SPAC merger + list on Nasdaq in December: <\/strong>Emirati music streaming service Anghami will pull the trigger on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7268870a-5759-4109-9e42-9a87f9958984\">its SPAC merger<\/a> and list on the Nasdaq at the end of December, Hossam El Gamal, the company\u2019s VP for North Africa, told Enterprise. The Abu Dhabi-based company is merging with blank-check firm Vistas Media Acquisition Company in a transaction that implies an enterprise value of <a href=\"https:\/\/vmac.media\/wp-content\/uploads\/2021\/03\/Anghami-Master-03.03.21-EMBARGOED-clean.docx.pdf\">around USD 220 mn (pdf)<\/a>. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-03\/mideast-spotify-challenger-anghami-is-said-to-near-spac-merger?sref=mmeFTDW1\">Bloomberg<\/a>, citing unnamed sources, reported earlier this year that the company could be worth some USD 300 mn following the listing. Gamal declined to confirm the transaction value when we asked yesterday.<\/p>\n<p><strong>Who\u2019s in? <\/strong>The SPAC has raised at least USD 40 mn, with USD 30 mn coming from Shuaa Capital and USD 10 mn from Vistas\u2019 parent company. Shuaa led a funding round for Anghami earlier this year and is acting as its financial advisor and underwriter in the transaction.<\/p>\n<p><strong>About Anghami:<\/strong> The company says it has more than 70 mn registered users, receiving around 1 bn streams each month. Revenues have jumped 80% since 2018 and are projected to rise five-fold over the coming three years. It will have around USD 142 mn in cash on its balance sheet when the transaction closes, which will be deployed for further expansion.<\/p>\n<p><strong>Part of the proceeds from the listing will be allocated for investment in its operations in Egypt and Saudi Arabia.<\/strong> \u201cWe want to have a deeper penetration into high-growth, high revenue markets,\u201d co-founder Elie Habib told Bloomberg earlier this year.<\/p>\n<p><strong>Anghami and <\/strong><strong>Egypt-grown, UAE-based <\/strong><strong>Swvl are in a race to become the first Middle Eastern tech company to list on the Nasdaq:<\/strong> The Egyptian mass transportation app is also hoping to close its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">blank-check merger<\/a> and list on the exchange in December or January.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anghami to complete SPAC merger + list on Nasdaq in December: Emirati music streaming service Anghami will pull the trigger on its SPAC merger and list on the Nasdaq at the end of December, Hossam El Gamal, the company\u2019s VP for North Africa, told Enterprise. The Abu Dhabi-based company is merging with blank-check firm Vistas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":555558,"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":[7258],"tags":[534,72,120,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-anghami","tag-enterpriseam","tag-nasdaq","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"a053ad47-40fd-4aba-b6ef-38340681965f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/506.jpg","photo_position":"above","related_issue":[555551],"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>Anghami eyes December Nasdaq listing - 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\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anghami eyes December Nasdaq listing\" \/>\n<meta property=\"og:description\" content=\"Anghami to complete SPAC merger + list on Nasdaq in December: Emirati music streaming service Anghami will pull the trigger on its SPAC merger and list on the Nasdaq at the end of December, Hossam El Gamal, the company\u2019s VP for North Africa, told Enterprise. The Abu Dhabi-based company is merging with blank-check firm Vistas [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-18T03:59:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/506.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Anghami eyes December Nasdaq listing\",\"datePublished\":\"2021-11-18T03:59:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\"},\"wordCount\":294,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/506.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Anghami\",\"EnterpriseAM\",\"Nasdaq\",\"Startup watch\",\"startups\"],\"articleSection\":[\"Startup watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/anghami-eyes-december-nasdaq-listing\/\",\"name\":\"Anghami eyes December Nasdaq listing - 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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":560576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/04\/anghami-eyes-egypt-growth-after-nasdaq-spac-listing\/","url_meta":{"origin":555557,"position":1},"title":"Anghami eyes Egypt growth after Nasdaq SPAC listing","author":"enterpriseam admin","date":"4 March 2021","format":false,"excerpt":"Anghami has plans to expand in Egypt after it becomes the Middle East\u2019s first tech company to list in New York with plans to merge with Nasdaq-listed SPAC Vistas Media Acquisition Company, it said in a statement carried by several press outlets (Bloomberg | Reuters). The streaming service, which has\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\/3\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","url_meta":{"origin":555557,"position":2},"title":"Swvl to debut on the Nasdaq today after SPAC merger approved","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"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 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 &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\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542803,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/","url_meta":{"origin":555557,"position":4},"title":"Egypt\u2019s first-ever SPAC to list on EGX by next month -Omran","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"Make way for our first SPAC: Egypt\u2019s first blank-check company will be established within the next month, Financial Regulatory Authority (FRA) chief Mohamed Omran told Bloomberg Asharq yesterday. \u201cAt the end of this month or early next month, we will have the first blank check company,\u201d he said. The SPAC\u2026","rel":"","context":"In &quot;EGX&quot;","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/203.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":555557,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555557","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=555557"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555557\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555558"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555557"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555557"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}