Middle Eastern streaming service Anghami may be going public soon, via a special purpose acquisition company (Spac) in the US.
Bloomberg reported that Anghami is “close to being listed on the Nasdaq stock exchange in New York” in a move that could value the company at nearly $300m. The report added that the move could be announced as early as today (3 March), and would mark not just the first Nasdaq listing by a Middle Eastern technology company, but (we think) the first use of the Spac strategy by a music streaming service. The report also claims that Anghami is currently delivering around 1bn streams a month, while citing 70 million registered users.
The news follows investment firm Shuaa Capital buying a stake in Anghami in January, a year after some reports had claimed that the company might be looking to be acquired.
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