Swvl Holdings is preparing to start trading in the company’s shares on the Nasdaq Stock Exchange on Thursday at an indicative price per share of $10.
The Egypt-founded firm, which is based in Dubai, will list through special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital, the company’s CFO Youssef Salem. The listing will take place despite market volatility driven by the Russia-Ukraine war.
Youssef Salem — the CFO of Swvl Participatory Transportation — told Daily News Egypt that the company will offer a share ranging between 20-30% of the company’s total shares, with expected proceeds of between $200-300m, stressing that the trading of the share will take place during the first days of the offering.
Barclays is acting as the financial adviser for the offering and Carvath Legal Consulting is acting as the legal adviser.
Swvl is preparing to expand in several countries, including the US, Colombia, Mexico, the UK, and South Africa.
The company acquired Shuttle at the end of last August, which provides an Uber-like service to bus and truck operators in municipalities, companies, and educational institutions.
He said that the dual offering between the Nasdaq Stock Exchange and the Egyptian Exchange needs some legal arrangements to make it possible, pointing out that the subject is under study, but the timeframe for it has not been determined.
Salem said earlier that the company seeks to strengthen its presence in Brazil and Mexico in the short term in addition to expanding in Latin America and the Gulf, coinciding with the increase in the volume of operations in Europe.
He also stressed that the company is considering acquiring already existing companies to accelerate the growth process and is focusing its acquisitions on Latin America with the aim of maintaining its annual growth rate of 300%.
Since its establishment, Swvl has invested nearly $120m in technological infrastructure and another $120m on marketing and passenger benefits.
The company currently operates in 16 countries, including Egypt, the UAE, Saudi Arabia, Kenya, Pakistan, and Jordan, and recently acquired the American company Shuttle, which operates in eight European countries, according to Salem.
