Public transport and shared mobility provider Swvl goes public today A milestone for the tech ecosystem in Egypt and the Middle EastIt’s also a test for a company to go public, although until recently I didn’t support merging with special purpose vehicles or SPACs.
The Dubai-based Egyptian-born company listed on the Nasdaq at $10 in a merger with female-led Queens Gambit Growth Capital. The planned merger, in which Swvl will offer 20-30% of its shares, was announced last July.
Following liquidation, the combined company, now referred to as “Swvl Holding Corp”, will trade under GMBT and GMBTW today, before moving to SWVL and SWVLW on April 1.
Swvl is the first company formed in Africa and the second company in the Middle East to be listed on the Nasdaq as a result of the SPAC merger.I did this last February with Abu Dhabi-based music streaming platform Anghami when it was listed on Vistas Media Acquisition with a $220 million valuation.
Swvl has raised US$121.5 million in private equity (PIPE) for this deal and is currently valued at US$1.5 billion.Other investors include the European Bank for Reconstruction and Development (EBRD), Teklas Ventures, Chimera, Agility and Luxor Capital Group.
In February, one of its investors, Atalaya Capital, pulled out of the deal. And in one application, the Queen’s Gambit announced the end of the forward Purchase $100 million in SPAC shares and an additional $2 million through a private placement.
“Upcoming” Purchase agree with was done with the group and it was Right now Achieve as good as capital,” Victoria Grace, founder and CEO of Queens Gambit Capital, told gaming-updates whether the deal would be impacted by the termination.
“It’s termination will not affect the company’s valuation or anything related to our fundamental transaction, which is the merger of Queen’s Gambit with SWVL, therefore the valuation [stays] Same, she said.
Investors withdrawing their interest and dollars from SPAC do not belong to Swvl. This is a common occurrence — for example, when BuzzFeed went public last December, 94% of the $287.5 million SPAC raised was was withdrawn “Especially now that the SPAC hype is collapsing due to a poorly performing market and strict regulations.
Despite the obvious setbacks, Swvl has some good news. According to CFO Yusuf Salem, the company has an additional $470 million in revenue and According to him, in the coming weeks, subject to certain conditions, a dedicated credit line with a retransmission par value of B will be provided.
Swvl was founded in 2017 by Mustafa Kandil, Mahmoud Knowh and Ahmed Sabbah. The trio founded the company as a bus service in Egypt and other vehicle sharing services in emerging markets with fragmented public transport.
Bus transportation allows users to travel within the state by reserving seats on buses that run on a specific route. However, the offer of Swvl is much wider than that of bus transport. The company currently provides urban travel, car sharing and business services in 10 cities in Africa and the Middle East where it operates.
The partnership between Swvl and the Queen’s Gambit came about because of the mutual interest of both sides.I
When looking for a company achieveSwvl fit the company criteria with carte blanche: strong business fundamentals, mobility and logistics (one of the main verticals), and the ESG ethos of women and affordable transportation.
On the other hand, Swvl – raised over $170 million in venture capital, expanding to over 16 countries in Latin America, Asia and Africa; hiring executives from Facebook, Uber and Optimus; and the acquisition of Shotl, Viapool and Door2door, a move towards global mobility dominance.
The Queen’s Gambit SPAC was the most financially sound option, and both sides value the sustainability angle with respect to transport – Swvl claims it has avoided around £289m worth of CO2 emissions since its inception.
The company plans to expand to several countries over the next six months, including Colombia, Mexico, South Africa and the United States.
In this case, all attention will be riveted to the work of the company. officially Trading will start tomorrow in the cool SPAC market and the generally turbulent public market.
“There is weakness in the market, but as long as the company is active and achieving results, Maybe Today, people are not paying attention to it, but in the coming months they will be,” Grace said of SPAC concerns and public markets.
IIn my opinion the market will change Right now As always, people are going back to the basics of how we measure company performance. For Swvl, he covered every song that was presented to us. And that got me very excited. And that’s the goal you want to work towards.”