SWVL will debut on Nasdaq and sets an initial price of $10

Swvl Holdings is preparing to start trading in the company’s shares on the Nasdaq Stock Exchange on Thursday at an indicative price per share of $10.

Youssef Salem — the CFO of Swvl Participatory Transportation — told Daily News Egypt that the company will offer a share ranging between 20-30% of the company’s total shares, with expected proceeds of between $200-300m, stressing that the trading of the share will take place during the first days of the offering.

The company will sell its shares on Nasdaq by merging with Queens Gambit Growth Capital in an effort to acquire it.

Barclays will act as the financial adviser to the offering. Carvath Legal Consulting will act as the legal advisor.

Salem noted that the company will use the proceeds of the offer to fully infuse them within 18 months for the planned expansions.

Swvl plans to expand in many countries, including the USA, Colombia, Mexico and the UK.

Shuttle, which offers a similar Uber-like service to truck and bus operators in towns, schools, and companies, was purchased by the company at end of August.

He stated that the dual offering between Nasdaq Stock Exchanges and Egyptian Exchanges needs legal arrangements. He pointed out that while the subject is currently under review, it is not yet clear when it will be possible.

Salem stated earlier to Daily News Egypt that the company is looking to expand in Latin America and Mexico, as well as in Latin America and in the Gulf. This coincides with an increase in European operations.

He stated that the company was considering buying existing companies to speed up the growth process. The company is also focusing on Latin America in order to maintain its 300% annual growth rate.

Swvl has spent nearly $120m on technological infrastructure since its inception and $120 million on marketing and passenger benefits.

According to Salem, the company operates in 16 countries: Egypt, the UAE and Saudi Arabia. It also operates in Kenya, Pakistan and Jordan.

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