Anghami eyes December Nasdaq listing
Anghami to complete SPAC merger + list on Nasdaq in December: Emirati music streaming service Anghami will pull the trigger on its SPAC merger and list on the Nasdaq at the end of December, Hossam El Gamal, the company’s VP for North Africa, told Enterprise. The Abu Dhabi-based company is merging with blank-check firm Vistas Media Acquisition Company in a transaction that implies an enterprise value of around USD 220 mn (pdf). Bloomberg, citing unnamed sources, reported earlier this year that the company could be worth some USD 300 mn following the listing. Gamal declined to confirm the transaction value when we asked yesterday.
Who’s in? The SPAC has raised at least USD 40 mn, with USD 30 mn coming from Shuaa Capital and USD 10 mn from Vistas’ parent company. Shuaa led a funding round for Anghami earlier this year and is acting as its financial advisor and underwriter in the transaction.
About Anghami: The company says it has more than 70 mn registered users, receiving around 1 bn streams each month. Revenues have jumped 80% since 2018 and are projected to rise five-fold over the coming three years. It will have around USD 142 mn in cash on its balance sheet when the transaction closes, which will be deployed for further expansion.
Part of the proceeds from the listing will be allocated for investment in its operations in Egypt and Saudi Arabia. “We want to have a deeper penetration into high-growth, high revenue markets,” co-founder Elie Habib told Bloomberg earlier this year.
Anghami and Egypt-grown, UAE-based Swvl are in a race to become the first Middle Eastern tech company to list on the Nasdaq: The Egyptian mass transportation app is also hoping to close its blank-check merger and list on the exchange in December or January.