{"id":558499,"date":"2021-08-15T04:12:57","date_gmt":"2021-08-15T04:12:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/swvl-new-capital-company-eye-debuts-on-egx\/"},"modified":"2021-08-15T04:12:57","modified_gmt":"2021-08-15T04:12:57","slug":"swvl-new-capital-company-eye-debuts-on-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/swvl-new-capital-company-eye-debuts-on-egx\/","title":{"rendered":"Swvl, New Capital company eye debuts on EGX"},"content":{"rendered":"

<\/a> Swvl could debut on EGX in 2022-2023:<\/strong> Mass transportation startup Swvl is considering an initial public offering on the Egyptian Exchange in 2022-2023 following its planned debut on the Nasdaq<\/a> in 4Q2021, CFO Youssef Salem told Reuters<\/a>, without providing further details.<\/p>\n

News of the company\u2019s Nasdaq ambitions broke last month<\/strong> when it announced (pdf)<\/a> that it had agreed to go public on the tech-heavy exchange through a merger with blank-check firm Queen\u2019s Gambit Growth Capital. The agreement values the company at around USD 1.5 bn, and the listing will raise the company\u2019s capital to USD 550 mn from USD 100+ mn today.<\/p>\n

Swvl will become profitable for the first time in 2024<\/strong> before earning over USD 170 mn in 2025, Salem told the newswire. The ridesharing outfit is yet to generate a profit since being founded in Cairo in 2017. Revenues are forecast to rise to USD 79 mn this year from USD 26 mn in 2020, before reaching USD 800 mn in 2024 and over USD 1 bn in 2025.<\/p>\n

Top-line growth fuelled by rapid expansion plans:<\/strong> Swvl plans to expand into as many as 30 cities in 20 countries by the middle of the decade, including southern and western Europe, Brazil, Mexico, the Philippines, Malaysia and Indonesia, Salem said. Founder Mostafa Kandil had said last week<\/a> that the company was looking to acquire an unnamed European firm as part of its expansion plans. It\u2019s also looking at branching out into new sectors such as logistics, advertising and financial services starting 2023, he added.<\/p>\n

Swvl currently operates in 10 cities in six countries<\/strong> including Egypt, the UAE, Saudi Arabia, Jordan, Kenya and Pakistan. By 2025, the company expects to operate 2 mn trips a day compared toa over 3 mn trips a month at present.<\/p>\n

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

BACKGROUND-<\/strong> Swvl was established in 2017 by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah to offer intra and inter city travel options and has landed over USD 90 mn in funding from investors that include Cairo\u2019s Sawari Ventures and Silicon Badia.<\/p>\n

IN OTHER IPO NEWS-<\/strong> State-owned Administrative Capital for Urban Development <\/strong>(ACUD) could go public on the EGX in a record IPO within two years<\/strong>, President Abdel Fattah El Sisi said yesterday, Hapi Journal<\/a> reports. ACUD \u2014 the company responsible for management of the new capital \u2014 owns EGP 100 bn worth of liquid assets, holding between EGP 3-4 tn in assets under management, El Sisi said, without providing any further details. The ACUD IPO \u2014 which would be Egypt\u2019s largest ever<\/strong> once finalized \u2014 is still pending hiring a financial advisor, lead arranger and bookrunner for the EGP 100 bn transaction, EGX Chairman Mohamed Farid told Sada El Balad\u2019s Ahmed Moussa (watch, runtime 17:39<\/a>) last night. No further details were given on the size of the potential stake that could be put on offer.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 it announced (pdf) that […]<\/p>\n","protected":false},"author":1,"featured_media":558500,"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":[68,72,78,120,875,83,328,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-nasdaq","tag-new-administrative-capital","tag-real-estate","tag-ride-hailing","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"f63d3ff5-2693-4e97-94c7-b4638ef57a75","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/156.jpg","photo_position":"above","related_issue":[558495],"teaser":"","voice_url":""},"yoast_head":"\nSwvl, New Capital company eye debuts on EGX - 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\/08\/15\/swvl-new-capital-company-eye-debuts-on-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl, New Capital company eye debuts on EGX\" \/>\n<meta property=\"og:description\" content=\"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. 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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":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":558499,"position":1},"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":[]},{"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":558499,"position":2},"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":545023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","url_meta":{"origin":558499,"position":3},"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. Swvl is\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\/712.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":558499,"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 "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":550229,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/swvl-could-get-booted-off-the-nasdaq-oih-joins-the-egx-buyback-club\/","url_meta":{"origin":558499,"position":5},"title":"Swvl could get booted off the Nasdaq + OIH joins the EGX buyback club","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"US- and locally-listed firms are steering their stock through choppy waters: Over on Wall Street, Cairo-born Swvl is reportedly considering combining (through a reverse stock split) or canceling some of its shares as it looks to avoid delisting due to low trading price. Closer to home, Orascom Investment Holding is\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558499","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=558499"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558499\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558500"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558499"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558499"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}