Anghami is a Saudi-based company that will list on the Nasdaq this week. The company was founded in 2012 and has been steadily growing its user base over the past three years. It boasts 70 million registered users and partnerships with Warner Music Group, Universal Music Group and Sony. Anghami plans to use this IPO as a springboard to expand its business beyond the Middle East and Asia.
The deal means that Anghami will be worth
At least $220 million on a pro-forma basis. That’s 2.5 times its estimated revenue through 2022, while Spotify has a revenue multiple of 6.5x. The deal is expected to close before the end of the year and will provide Anghami with more than $142 million in cash. Ultimately, it will help finance its growth.
Anghami is a Middle East-focused
Rival to the Spotify music streaming service. The company’s executives rang the NASDAQ opening bell to celebrate the news. It will list via a merger with VMAC, a publicly traded SPAC, in the form of a new stock, valued at $ 220 million. Anghami is expected to reach profitability within three years of the deal.
Anghami’s Nasdaq debut comes on the heels of Spotify’s recent expansion in MENA
It will be the first Arab technology company to trade on the Nasdaq, and its IPO comes the day after Spotify’s shares stumbled in the U.S. after disclosing a slowdown in revenue. Savvn, which is backed by Universal Music Group, hopes to capitalize on the controversy with its ‘Greatest Bollywood Soundtrack of All Time’ feature.
Anghami is the first Middle-Eastern tech company to launch on the Nasdaq. It plans to list as an SPAC by merging with VMAC, a publicly-traded SPAC. The deal is valued at $ 220 million. With a market cap of $780 million, Anghami is a strong competitor of Spotify.
In its upcoming Nasdaq debut
Anghami has announced a merger with publicly listed Vistas Media Acquisition Company. The company has raised $30 million and has secured PIPE investment. Besides Anghami’s PIPE financing, the deal also included a PIPE financing. With this deal, Anghami expects to generate $1.8 billion in revenue in 2022.
Anghami has also been a popular platform in the Middle East for music streaming
Its stock price has jumped over eighty percent in its debut on the Nasdaq. The company’s deal with Vistas has raised a record $162 billion in its U.S.-based funding. Its partnership with Universal Music Group has boosted its shares.
Anghami’s PIPE financing is worth more than $2.2 billion. The IPO essentially creates a separate entity that has been valued at more than $800 million. Its shares are up more than 85% on a pre-IPO basis. The deal also includes some private equity investments. This is a PIPE-backed company and has no plans to compete with major US tech companies such as Apple.
The IPO is the largest deal for a startup in the Middle East
Its new listing on the Nasdaq is a huge deal for the company. The proceeds will be used to build the company’s platform. The money will be used to expand the company and add new features. Its investors are already making it a great place to work for a startup.
Anghami is a leading Middle Eastern music streaming
Service that will make its debut on Nasdaq. Its founders hail from Lebanon, where Anghami is the biggest music streaming company. Earlier this year, SHUAA led a funding round for the company and secured PIPE investment in the company. The firm is a rival to Spotify and Deezer and has 70 million registered users and one million paying subscribers. The deal is expected to complete in 2022.