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Swvl to begin trading on US’s Nasdaq at $10 per share

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RIYADH: Dubai-based ride-sharing service provider Swvl will start trading its shares on US’s Nasdaq Stock Exchange at a price of $10 per share.

The firm will offer its shares on the US bourse through a merger with the American company Queen’s Gambit Growth Capital with the purpose of acquisition.

Swvl will be offering a share ranging between 20-30 percent of the company’s total shares, Wamda reported. 

It aims to expand its global footprint to several countries including the US, Colombia, Mexico, UK and South Africa.

With this initial public offering, the Dubai-based company will become the second Middle Easter unicorn startup to list on the US bourse, after music streaming platform Anghami’s debut. 

Founded in 2017, Swvl currently operates in 16 countries including Saudi Arabia, Egypt, UAE, Kenya, Pakistan and Jordan.

 

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