Shared mobility and mass transit provider Swvl has recieved the green light for its public listing via special purpose acquisition company (SPAC).
The Dubai-based company announced its combination with female-led Queen’s Gambit Growth Capital for an IPO in July 2021.
Queen’s Gambit shareholders have given the go-head for the deal which is expected to raise of about $445 million with about $165 million going to Swvl.
The deal is expected to close today with shares of the combined company, to be known as Swvl Holdings Corp. going forward, also to begin trading today on Nasdaq.
Swvl, which was founded in 2017, gained a foothold in Europe last August when it acquired mass transit platform Shotl.
It followed this up with the acquisition of mobility platform Door2Door earlier this month.
Mostafa Kandil, Swvl founder and CEO, says: "Completing our business combination with Queen's Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a fundamental right for all. As a public company, we plan to build on Swvl's exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions."