UAE-based Anghami: the first Arabic tech company to list on Nasdaq, with a value up to $230 million
"UAE-headquartered music streaming service plans to rival Spotify, Deezer with US IPO"
"Arabic music streaming service Anghami is set to become the first technology company from the region to list on New York’s Nasdaq stock exchange as part of a merger deal valuing the platform at up to $230 million."
"Anghami – my tunes, in Arabic – is set to merge with Vistas Media Acquisition Co. Inc., a publicly traded special-purpose acquisition company. Often referred to as “blank check companies” in the industry, the merger is seen as a quicker and cheaper route to a Nasdaq listing."
The listing is expected to close at the end of May, early June and Vistas Media Acquisition Co. Inc. has already gathered $40 million in advance commitments, with $10 million from parent company, Singapore’s Vista Media Capital, and $30 million from the UAE asset management firm SHUAA Capital.