Swvl to go public via NASDAQ-listed SPAC

Image Credit: Swvl

Swvl, the ride-sharing startup which launched in Egypt in 2017, has announced that plans to go public on New York’s NASDAQ exchange via a merger with Queen’s Gambit Growth Capital, a special purpose acquisition vehicle (SPAC) established earlier this year. The newly listed firm, which the transaction values at $1.44 billion, will trade under the ticker SWVL once the deal closes by the end of the year.

Swvl will also have access to $405 million of fresh capital as part of the transaction to support its expansion plans. Once the firm lists, Swvl’s existing shareholders will hold 65% of the company, the founders of Queens Gambit Capital will hold 6% with the balance owned by the NASDAQ market investors.

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