Swvl, an Egyptian mobility company, has began trading on the NASDAQ stock exchange in the United States, with an initial offer price of US$9.95 per share.
Swvl is a mass-transit system founded by Mostafa Kandil in 2017 that allows riders travelling in the same direction to share a van or bus ride.
The company’s innovative mobility solutions are assisting in the resolution of mass transit supply and demand difficulties in emerging regions, providing dependable, convenient, safe, and affordable transportation to underserved communities.
The startup is among the best-funded in Africa, and is presently dynamic over 16 nations. Its gross income and markets have developed rapidly, with more than 1.4 million riders booking more than 46 million rides to date with thousands of drivers on its stage, whereas it has made three acquisitions.
Last July Swvl was set for an initial public offering on the Nasdaq trade after a merger with special purpose acquisition company (SPAC) Gambit Development Capital that valued it at US$1.5 billion – making it a uncommon African “unicorn”.
In February, Swvl entered into agreements for an additional US$21.5 million in PIPE funding, with new financial specialists counting the European Bank for Remaking and Advancement (EBRD), and it has presently completed its Nasdaq posting, with Kandil ringing the opening chime at the Nasdaq MarketSite in Unused York City’s Times Square final week to stamp the event.
Shares picked up as much as 9.8 per cent to US$10.30 on Friday.
The expected proceeds from the listing add up to US$640 million, which incorporates US$160 million in immediate capital and US$480 million over the next few weeks on the off chance that certain closing conditions are met.