Abu Dhabi-based Anghami to list on Nasdaq after historic SPAC merger ⇅
Abu Dhabi-based Anghami will become the first home-grown Middle East tech company to list on the New York stock exchange
Anghami has merged with Vistas Media Acquisition Company in a deal that values the music-streaming service at $220 million
The deal includes a combined $40m commitment from UAE-based Shuaa Capital and Singapore-based Vistas Media Capital in private investment in public equity financing.
Anghami offers more than 57m songs to more than 70m registered users with around one million streams per month.
The company has grown revenues 80 percent over the last three years and is expected to increase five-fold over the coming three years.
The company is expected to have around $142m of cash on its balance sheet
Anghami relocated its headquarters from Lebanon to the UAE capital earlier this year.
Like Us on Facebook: https://www.facebook.com/ArabianBusiness
Follow Us on Twitter: https://twitter.com/ArabianBusiness
Follow Us on Instagram: https://www.instagram.com/arabianbusiness/
Follow Us on LinkedIn: https://ae.linkedin.com/company/arabian-business
Subscribe to our YouTube Channel for Business News and Events in the Middle East Region: https://www.youtube.com/user/arabianbusiness/featured?sub_confirmation=1