Swvl Inc., Egypt’s Uber for buses has announced plans to go public after its merger with SPAC Queen’s Gambit Growth Capital.
Upon completion of the proposed transaction, the combined public company will be named Swvl Holdings Corp and is expected to be listed on NASDAQ under the ticker symbol “SWVL”.
Swvl Holdings Corp will receive $405 million in fresh capital to fund its expansion and $40 million will cover NASDAQ listing fees and expenses. Queen’s Gambit Growth Capital had raised $345 million to invest in the company it would merge with and $100 million raised from PIPE investors. The deal will see Swvl’s existing shareholders own 65 percent of the company, Queen’s Gambit Growth Capital shareholders 22 percent, Queen’s Gambit Growth Capital’s founders 6 percent, and PIPE investors 7 percent.
Swvl, co-founded by Mostafa Kandil in 2017 when he was just 24 years old, is transforming the $1 trillion global mass transit market. The Company’s proprietary mobility solutions, powered by cutting-edge technology, are helping to solve mass transit supply and demand challenges in unchartered, emerging markets – empowering massively underserved communities with transportation solutions that are reliable, convenient, safe, and affordable.
Featuring diversified transit offerings that, in just a few short years have evolved from daily commuting to inter-city retail travel, to Transport as a Service (“TaaS”) offerings for businesses, schools, universities, and other critical service organizations, Swvl is poised to take the next step in its evolution. With clear strategic direction, a proven management team, and demonstrated business model, Swvl is ideally situated for existing and new market expansion.