Egyptian ride-hailing startup Swvl will offer 35 percent of its shares on the Nasdaq stock exchange through a merger with US SPAC Queen’s Gambit Growth Capital.
The Initial Public Offering will take place by the end of January 2022, Almal local paper reported, citing CEO Mostafa Kandil.
Upon listing, the $1.5 billion startup would be the first unicorn in the Middle East to be listed on Nasdaq, according to Almal.
Swvl Holdings Corp. aims to expand to Latin American and European markets during the next year through providing governments with latest smart transportation solutions, Kandil said.