Mubasher: Anghami is set to become the first Arab technology company to list on Nasdaq New York by merging with Vistas Media Acquisition, a special purpose acquisition company (SPAC).
The merger deal, which is expected to close in the second quarter (Q2) of 2021, implies a pro-forma enterprise value of $220 million, according to the company’s statement.
The combined company will operate under the Anghami name and will trade under the new “ANGH” symbol.
SHUAA Capital and the Singapore-based Vistas Media Capital have gathered commitments of a combined $40 million, as SHUAA committed $30 million, while Vistas committed $10 million.
Anghami is the first music-streaming platform in the MENA region that was founded in 2012. It is offering more than 57 million songs to more than 70 million registered users with around 1 billion streams per month.
In addition, Anghami has grown revenues by 80% over the last three years and is expected to increase five-fold over the next three years. The company expects to have approximately $142 million of cash on its balance sheet at closing to be used primarily to fuel additional growth, as per the company’s statement.
“We have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on NASDAQ. Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world,” said the Co-founder and CEO of Anghami, Eddy Maroun.
Meanwhile, Elie Habib, Co-founder, Chairman, and CTO of Anghami, said “We’re proud of the product and technology we’ve been able to build and now we will have the ability to invest more in R&D and innovate, providing a product that goes beyond music to immersive experiences around media and entertainment, while remaining relevant to our users and focused on our local edge.”