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Anghami to be first Arab tech startup to list on Nasdaq

Anghami to be first Arab tech startup to list on Nasdaq
The merger deal is expected to close in the second quarter of 2021

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.”