RIYADH: Dubai-based ride-sharing service provider Swvl will start trading its shares on US’s Nasdaq Stock Exchange at a price of $10 per share.
The firm will offer its shares on the US bourse through a merger with the American company Queen's Gambit Growth Capital with the purpose of acquisition.
Swvl will be offering a share ranging between 20-30 percent of the company’s total shares, Wamda reported.
It aims to expand its global footprint to several countries including the US, Colombia, Mexico, UK and South Africa.
With this initial public offering, the Dubai-based company will become the second Middle Easter unicorn startup to list on the US bourse, after music streaming platform Anghami’s debut.
Wael Amin, co-founder and managing partner at Sawari Ventures, said: “We are extremely proud of Swvl for reaching this monumental milestone, being the very first Egyptian startup to go public outside of Egypt and ring the bell at Nasdaq, an event which will have a huge impact on the ecosystem as a whole.
“This team has been and still is very uniquely positioned to execute on this tremendous market opportunity, and continues to demonstrate significant momentum towards their strategic goals.
“We’re also proud to have been one of the first VCs, and the only Egyptian investor, to believe in the team and their vision since 2018.”
Founded in 2017, Swvl currently operates in 16 countries including Saudi Arabia, Egypt, UAE, Kenya, Pakistan and Jordan.
