With its IPO, SWVL will become the second unicorn startup from the Middle East to list on the exchange
Egyptian mass-transit application SWVL is slated to make its debut on the NASDAQ on Friday as special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital announced yesterday that the business combination is expected to close sometime today.
With its IPO, SWVL will become the second unicorn startup from the Middle East to list on the exchange, after music streaming service Anghami debuted on the exchange in February.
SWVL was expected to make its official IPO today after the announcement according to several media outlets, but no official news from NASDAQ has been released on the matter, with Queen’s Gambit’s official release noting a Friday April 1 expected IPO.
According to the CFO of Swvl Participatory Transportation Youssef Salem, the company is looking to offer shares ranging between 20-30% of its total shares, estimated at $200-300 million. The shares are expected to be set at an indicative price per share of $10.
Late yesterday evening, Queen's Gambit Growth Capital announced that its shareholders voted to approve the business combination with SWVL, which was expected to close today. However, the statement noted that it would still be subject to the satisfaction or waiver of the other customary closing conditions.
The IPO proceeds will be injected into SWVL’s future expansions in the coming 18 months, explained Salem.
The company is looking to expand in several countries, including the US, Colombia, Mexico, the UK, and South Africa.
Salem said that the dual offering between the Nasdaq Stock Exchange and the Egyptian Exchange needs some legal arrangements to make it possible, pointing out that the subject is under study, but the timeframe for it has not been determined.
Barclays is acting as the financial adviser for the offering and Carvath Legal Consulting is acting as the legal adviser.
The company currently operates in 16 countries, including Egypt, the UAE, Saudi Arabia, Kenya, Pakistan, and Jordan, and recently acquired the American company Shuttle, which operates in eight European countries, according to Salem.
