{"id":98136,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/swvl-completes-usd-4-7-private-placement-to-fuel-us-expansion\/"},"modified":"2024-11-21T00:00:00","modified_gmt":"2024-11-21T00:00:00","slug":"swvl-completes-usd-4-7-private-placement-to-fuel-us-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/21\/swvl-completes-usd-4-7-private-placement-to-fuel-us-expansion\/","title":{"rendered":"Swvl completes USD 4.7 private placement to fuel US expansion"},"content":{"rendered":"

Swvl secures USD 4.7 mn through share sale: <\/strong>Dubai-based mass transit app Swvl sold USD 4.7 mn in ordinary shares to investors, including some of its board members, in a private placement, to support its expansion to the US next year, according to a press release<\/a>. The shares were priced at USD 4.79 each, based on its 15 November closing price. The transaction was expected to close on or about November 18, 2024, pending standard conditions. <\/p>\n

Buyers have agreed to a six-month lock-up period and restricted transfers afterward, <\/strong>limiting sales to 20% of their holdings every 90 days. <\/p>\n

This is not Swvl\u2019s first private placement: <\/strong>It agreed to sell USD 20 mn-worth of new shares<\/a> in 2022 to an undisclosed institutional investor. <\/p>\n

The startup recently snagged new contracts: <\/strong>In the past three months, Swvl secured USD 4.2 mn in contracts across Egypt's mobility sector, partnering with companies in FMCG, telecom, e-commerce, and banking, according to a separate press release<\/a>.<\/p>\n

Market reax: <\/strong>Swvl\u2019s shares rose 32% to USD 6.32 on Monday following the announcements, but were down 17.2% to USD 5.52 yesterday. The Egypt-born startup\u2019s shares are up 245% YTD. <\/p>\n

REFRESHER-<\/strong> Swvl posted a net income of USD 3.1 mn<\/a> in 2023, a sharp turnaround from its USD 123.6 mn loss in 2022. CEO Mostafa Kandil attributed the recovery to cost-cutting<\/a>, exiting non-core markets, and focusing on Mena operations. <\/p>\n","protected":false},"excerpt":{"rendered":"

The startup went through with another private placement in 2022, selling USD 20 mn worth of new shares<\/p>\n","protected":false},"author":1,"featured_media":98137,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1557],"tags":[7,1342,25,1185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-investment","tag-investment-watch","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"51edef71-4295-4de1-8157-5b46451a03e6","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2044.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Swvl completes USD 4.7 private placement to fuel US expansion","related_issue":[98122],"teaser":"The startup went through with another private placement in 2022, selling USD 20 mn worth of new shares","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.c6151f39-a003-4f3e-a282-fe9250833693.mp3"},"yoast_head":"\nSwvl completes USD 4.7 private placement to fuel US expansion - 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