The First Company Launched from Africa to List on the Nasdaq
We have reported on African companies listed on the New York Stock Exchange, but this is the first on Nasdaq. Mass transit and shared mobility provider Swvl went public this week in a landmark moment for Egyptian and Middle Eastern tech ecosystems. It was also a test for the company going public despite a market that has been unfriendly toward combinations with special purpose acquisition companies (SPACs) of late. The Egypt-born and Dubai-based company has listed its shares at $10 on the Nasdaq through a merger with U.S. women-led blank check company Queen’s Gambit Growth Capital. The planned merger, which will see Swvl offer 20-30% of its total shares, was announced last July.
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