Swvl for mass transportation solutions is awaiting approval from Queen’s Gambit shareholders to list its shares on the Nasdaq Stock Exchange on 31 March.
Swvl, a company specialized in providing mass transportation solutions, said that its shares will be listed on the American Nasdaq Stock Exchange on 31 March provided that the listing obtains the approval of the shareholders of Queens Gambit Growth Capital of America, at their meeting scheduled for 30 March.
Queen’s Gambit signed a final deal last year with Swvl to merge and turn the company into a public shareholding company.
Swvl will offer a 35% stake in the Nasdaq following the merger with Queen’s Gambit, and its shares will be traded under the symbol SWVL.
The special purpose acquisition company raised $300m from investors, along with $121.5m in private equity investment from the European Bank for Reconstruction and Development and a number of US investors, Abu Dhabi-based Chimera Capital and Kuwait-based Zain Ventures.
Swvl has expanded in Europe through the acquisition of Barcelona-based multi-service mass transit platform Shuttle, and in Latin America through the acquisition of a controlling stake in Argentine carrier Viabol, which operates in Argentina and Chile.
According to a previous statement on the completion of the Swvl and Queen’s Gambit, the value of implied and fully diluted equity is approximately $1.5bn and it is expected that Swvl will become the first company worth more than $1bn in the Middle East to be listed on Nasdaq.
The statement described that it will be the only company based on technology-supported mass transit solutions to be listed on any stock market.
The statement stated that the transaction will be to provide total returns of approximately $445m to the combined public company, including an increase of $100m in the joint stake committed by PIPE (Private Investment in Public Equity) investors led by global strategic and financial investors including Agility and Luxor Capital Group and Zain.
The deal also includes proceeds to finance and accelerate Swvl’s long-term growth strategy with the goal of increasing revenue by $1bn and expanding to 20 countries by 2025.
“In just 4 years, Swvl has become a leader in the mass transit sector across 10 cities in Egypt, Saudi Arabia, Kenya, Pakistan, the United Arab Emirates and Jordan,” said Mostafa Kandil, Founder and CEO of Swvl.
Swvl’s revenue has grown rapidly, with over 1.4 million passengers booking over 46 million trips to date with thousands of drivers via its digital platform.
