Swvl, an Egyptian mobility company, has started trading on the NASDAQ stock exchange in the United States, with an initial offer price of US$9.95 per share.
Swvl is a mass-transit system founded by Mostafa Kandil in 2017 that allows riders travelling in the same direction to share a van or bus ride.
Swvl completed its Nasdaq listing last week, with Kandil ringing the opening bell at the Nasdaq MarketSite in New York City’s Times Square to mark the occasion. In February, Swvl entered into agreements for an additional US$21.5 million in PIPE funding with new investors, including the European Bank for Reconstruction and Development (EBRD).
The company’s innovative mobility solutions are assisting in the resolution of mass transit supply and demand difficulties in emerging regions, providing dependable, convenient, safe, and affordable transportation to underserved communities.
The total estimated proceeds from the offering are US$640 million, with US$160 million in immediate cash and US$480 million in the coming weeks assuming certain closing conditions are completed.
The company is one of Africa’s best-funded, and it already operates in 16 nations. Its gross income and market share have exploded, with over 1.4 million riders booking over 46 million trips on its platform and thousands of drivers, and it has made three acquisitions.
On Friday, the stock rose as much as 9.8% to US$10.30.
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