Egyptian mobility company Swvl has begun trading on the US-based NASDAQ stock exchange with an initial offer price of US$9.95 per share.

Founded by Mostafa Kandil in 2017, Swvl is a mass-transit system that enables riders heading in the same direction to share a ride in a van or bus. The startup’s proprietary mobility solutions are helping to solve mass transit supply and demand challenges in emerging markets, empowering underserved communities with transportation solutions that are reliable, convenient, safe, and affordable.

The startup is among the best-funded in Africa, and is now active across 16 countries. Its gross revenue and markets have grown rapidly, with more than 1.4 million riders booking more than 46 million rides to date with thousands of drivers on its platform, while it has made three acquisitions.

Disrupt Africa reported last July Swvl was set for an initial public offering (IPO) on the Nasdaq exchange after a merger with special purpose acquisition company (SPAC) Gambit Growth Capital that valued it at US$1.5 billion – making it a rare African “unicorn”.

In February, Swvl entered into agreements for an additional US$21.5 million in PIPE funding, with new investors including the European Bank for Reconstruction and Development (EBRD), and it has now completed its Nasdaq listing, with Kandil ringing the opening bell at the Nasdaq MarketSite in New York City’s Times Square last week to mark the occasion.

Shares gained as much as 9.8 per cent to US$10.30 on Friday.

The expected proceeds from the listing total US$640 million, which includes US$160 million in immediate capital and US$480 million over the next few weeks if certain closing conditions are met.