At an estimated $10 per share, Swvl Holdings has begun trading on the Nasdaq Stock Exchange.
Swvl Participatory Transportation’s CFO, Youssef Salem, announced that the firm plans to sell 20–30 percent of its entire shares, with a projected profit of $200–300 million. Salem emphasized that the stock will be traded in the offering’s initial days.
The company intends to acquire the American company Queens Gambit Growth Capital by merging with it on the Nasdaq stock exchange.
Carvath Legal Consulting is the offering’s legal counsel, with Barclays serving as the financial advisor.
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Salem emphasized that the company plans to use the revenues of the offering to fund the anticipated developments over the next 18 months in full.
It’s expected that Swvl will open offices in the United States, Colombia, Mexico, the UK and South Africa in coming months.
Last August, the company purchased Shuttle, a bus and truck dispatch service that provides an Uber-like service to governments, businesses, and educational institutions.
According to him, a legal arrangement is needed to allow for a dual offering on the Nasdaq Stock Exchange and the Egyptian Exchange, and that the matter is currently being studied, but no time schedule has been set.
When asked about the company’s plans for Latin America and the Gulf, Salem stated the corporation aims to boost its presence in Brazil and Mexico while simultaneously extending its activities across Europe.
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According to him, in order to sustain its current yearly growth rate of 300 percent, the company is considering purchasing previously existing companies in order to speed up the expansion process.
Swvl has spent roughly $120 million on technology infrastructure and an additional $120 million on marketing and passenger incentives since its inception.
In addition to 16 nations, including Egypt, the United Arab Emirates, Saudi Arabia, Pakistan and Jordan; the corporation recently purchased Shuttle from the United States and operates in eight European countries.
Nasdaq SWVL Nasdaq SWVL
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer