Monday 20 September 2021
Dubai-based ride-sharing technology startup Swvl, Inc. will go public via a merger with a special-purpose acquisition company (SPAC) in a deal that implies an equity value of about USD 1.5 billion for the combined business.
Swvl said it will combine with Queen's Gambit Growth Capital, a female-led SPAC. The deal is expected to generate about USD 445 million in proceeds to fund Swvl's growth, including a USD 100 million private placement of shares in the combined company led by Agility, Luxor, and Zain.
Existing Swvl shareholders are expected to own about 65% of the merged company, and its leadership team will remain intact, it said. Swvl was co-founded in 2017 by Mostafa Kandil, who will continue as chief executive.
The combined public company will be named Swvl Holdings Corp. and is expected to be listed on Nasdaq under the ticker symbol SWVL.