Skip to content

The First Company Launched from Africa to List on the Nasdaq

Mass transit and shared mobility provider Swvl went public this week in a landmark moment for Egyptian and Middle Eastern tech ecosystems. It’s also a test for the company going public despite a market that’s been unfriendly toward combinations with special purpose acquisition companies, or 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. Following closing, the combined company, now “Swvl Holding Corp,” will trade under GMBT and GMBTW today before switching to SWVL and SWVLW on April 1. The company’s CFO Youssef Salem says the listing will take place despite market volatility driven by the Russia-Ukraine war. “There is heightened volatility in the short term. However, it doesn’t have a material impact on Swvl given that the company has a fully funded business plan and additional committed capital to fund its M&A business,” says Salem. “As such, the company is able to continue to deliver on its long-term strategy.”