{"id":566920,"date":"2021-07-28T14:00:21","date_gmt":"2021-07-28T14:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/swvl-to-go-public-through-merger-with-us-spac\/"},"modified":"2021-07-28T14:00:21","modified_gmt":"2021-07-28T14:00:21","slug":"swvl-to-go-public-through-merger-with-us-spac","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/swvl-to-go-public-through-merger-with-us-spac\/","title":{"rendered":"Swvl to go public through merger with US SPAC"},"content":{"rendered":"

<\/a> Mass transportation startup<\/strong> Swvl could soon go public through a merger with US SPAC <\/strong>Queen\u2019s Gambit Growth Capital<\/a><\/strong>, <\/strong>the Wall Street Journal<\/a> 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<\/a>) that values Swvl at roughly USD 1.5 bn. A senior company official we reached out to this afternoon would only confirm that Swvl was set to make a big announcement \u201cwithin the coming hours.\u201d<\/p>\n

Queen\u2019s Gambit Growth Capital<\/strong> reportedly <\/strong>raised some USD 300<\/strong> mn<\/strong> from a group of unnamed investors earlier this year and brought on an additional USD 45 mn in investment through the underwriters\u2019 overallotment option. There\u2019s also been talk of an additional USD 100 mn private investment in public equity (PIPE) in the works from investors like Agility, Luxor Capital Group LP and Zain Group, an unnamed source told the WSJ. Queen\u2019s Gambit bills itself as \u201c100% female-led.\u201d<\/strong><\/p>\n

Four new members will join Swvl\u2019s advisory board once the transaction goes through,<\/strong> including Queen\u2019s Gambit CEO Victoria Grace, an unnamed SPAC executive, and two others, according to the WSJ.<\/p>\n

Looking to new markets:<\/strong> The transaction, which would effectively see Queen Gambit take Swvl public via merger, will likely accelerate Swvl\u2019s plans, which include tapping into \u201cat least 50 new markets in the short term,\u201d the senior company official told us. Developing markets, particularly in Latin America and Asia, will soon become the focus of Swvl\u2019s expansion, where \u201cthere\u2019s a high chance\u201d they will be running their bus services.<\/p>\n

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

Background<\/strong>: Swvl was founded in 2017 by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah and has since raised over USD 90 mn<\/a> in from investors that include Cairo\u2019s Sawari Ventures and Silicon Badia. Crunchbase suggests the company has raised nearly USD 175 mn <\/strong>from 19 investors in six rounds. The startup offers intra and inter city travel options, along with B2B partnerships<\/a> with public and private institutions aimed at transporting students and employees. Since its founding, the company has moved its headquarters and base of operations from Egypt to the UAE and now operates in Jordan<\/a>, Kenya<\/a> and Pakistan<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Swvl at roughly USD 1.5 […]<\/p>\n","protected":false},"author":1,"featured_media":566921,"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":[10060],"tags":[102,633,78,7128,120,439,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ipo-watch","tag-capital-markets","tag-enterprisepm","tag-ipo-watch","tag-ma-watch","tag-nasdaq","tag-spacs","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"bfbf590f-581d-4b49-96b3-3ac733bb7fe3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/485.jpg","photo_position":"above","related_issue":[566916],"teaser":"","voice_url":""},"yoast_head":"\nSwvl to go public through merger with US SPAC - 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\/07\/28\/swvl-to-go-public-through-merger-with-us-spac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl to go public through merger with US SPAC\" \/>\n<meta property=\"og:description\" content=\"Mass transportation startup Swvl could soon go public through a merger with US SPAC Queen\u2019s Gambit Growth Capital, the Wall Street Journal reports. 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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":563981,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/zain-to-invest-usd-10-mn-in-swvl-listing\/","url_meta":{"origin":566920,"position":2},"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":544659,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/","url_meta":{"origin":566920,"position":3},"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":566920,"position":4},"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":563955,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/swvl-spac-deal-dominates-the-foreign-press\/","url_meta":{"origin":566920,"position":5},"title":"Swvl SPAC deal dominates the foreign press","author":"enterpriseam admin","date":"29 July 2021","format":false,"excerpt":"Swvl is the talk of the international press this morning: The mass transportation app yesterday announced a USD 345 mn agreement with US blank check firm Queen\u2019s Gambit Growth Capital to go public on the Nasdaq: Reuters | Tech Crunch | CNBC. Check out our story in yesterday\u2019s EnterprisePM here.","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"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\/566920","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=566920"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566920\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566921"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566920"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566920"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}