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Swvl to receive approvals for IPO on Tuesday

Swvl to receive approvals for IPO on Tuesday

ArabFinance: Swvl is expecting to receive final approvals on its initial public offering (IPO) on the New York-based Nasdaq Stock Market from the US’ Securities and Exchange Commission (SEC) today, Enterprise reported on March 15th, citing Swvl’s CFO Youssef Salem.

The Dubai-based ridesharing company is set to go public by the end of March through merger with US’ capital market company Queen's Gambit Growth Capital pending approval of the company’s general assembly.

On February 1st, Swvl’s CFO revealed that the company is getting ready to list 35% of its shares on the Nasdaq Stock Market after merging with Queen's Gambit.

In July 2021, Swvl announced it signed the final deal to merge with Queen’s Gambit Growth Capital in a deal estimated at a value of $1.5 billion.

Founded in 2017, SWVL is an Egyptian on-demand bus-hailing company based in Dubai that offers intra and intercity travel options, along with B2B partnerships with public and private institutions aimed at transporting students and employees.

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