On Monday, the stock’s attractiveness continued to show with shares up 60% during early tradin
Middle East and North Africa’s leading music streaming platform, Anghami, can now officially call itself the first ever Arab tech company to be listed on the NASDAQ stock exchange as it rang in the beginning of trading on Friday.
Through a SPAC with Vistas Media Acquisition Company (VMAC) worth $220 million, Anghami made its NASDAQ debut on Friday to popular demand.
The streaming platform saw its shares soar 80% during its debut on the stock exchange.
On Monday, the stock’s attractiveness continued to show with shares up 60% during early trading.
"Today marks the end of a long journey toward listing on NASDAQ, but also the momentous beginning of our life as a publicly traded company. We are grateful to our investors and partners who have made this possible,” commented Eddy Maroun, Co-founder and Co-Chief Executive Officer of Anghami on Friday.
“This is a moment of great pride, not only for Anghami, but for the entire Arab world, as well as for our engineers, builders, creators and partners around the world,” said Elie Habib, Co-Founder and Chief Technology Officer of Anghami.
"We are thrilled to bring the Arab region's most popular music streaming platforms and challenger brands to NASDAQ. This is an incredible achievement, and we look forward to reaching many more milestones in creating more original music content, expanding Anghami's horizons and reach, and growing as a global publicly traded company,” stated F. Jacob Cherian, Co-Chief Executive Officer of Anghami.
“We believe that our efforts to take a different approach and challenge the status quo in the streaming world present a great opportunity for fans not only in the region, but also for millions of people around the world who are trying to reconnect with their roots through music. As we embark on this new chapter, we remain as committed as ever to our goal of expanding the Arabic-language music repertoire through new initiatives and innovative concepts such as Anghami Originals, Anghami Labs, live concerts, live radio and branded content," Maroun added.
“We launched in 2012 with the dream of making a valuable difference for users and artists alike, and nearly a decade later, with around 58% of the market share in the Middle East, we have earned a place not only in the industry, but also in the hearts of music lovers across the region,” added Habib.
