Swvl is going public via SPAC at a valuation of $1.5 billion
- Date: 29-Jul-2021
- Source: MENAbytes
- Sector:Financial Markets
- Country:Egypt
Swvl is going public via SPAC at a valuation of $1.5 billion
Dubai-headquartered ride-sharing startup Swvl has announced today that it is going public by merging with a merger with a special purpose acquisition company (SPAC). The deal was first reported by The Wall Street Journal earlier in the day. The mobility company is merging with Queen's Gambit Growth Capital, a SPAC created earlier this year by a team of female executives (which claims to be the first women-led SPAC). Its CEO Victoria Grace is the founder of New York-based VC fund Colle Capital.
The two companies have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company on NASDAQ after the completion of the proposed transaction, noted the statement adding that the company will trade under the ticker symbol 'SWVL'.
Swvl will be the second Middle Eastern company to take the SPAC route to public markets. Abu Dhabi-headquartered music streaming platform Anghami had announced earlier this year that it plans to go public by merging with a SPAC, Vistas Media Acquisition Company. A SPAC is also known as a blank-cheque company and is formed to