Anghami is set to go public via special purpose acquisition company (SPAC) Vistas Media Acquisition Co Inc VMAC with a pro forma enterprise value of around $220 million.
Anghami co-founder and Chief Technology Officer Elie Habib appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Wednesday.
About Anghami: Founded in 2012, Anghami is a streaming platform in the Middle East and North Africa, providing access to more than 57 million Arabic and international songs, as well as 100,000 Arabic and international podcasts.
Anghami means "my tunes" in Arabic, Habib told Benzinga.
Growth Outlook: The company operates in 16 countries and has 15 million active users, Habib said.
Habib anticipates significant growth ahead as a result of the company's recent marketing efforts. He noted that Anghami's current user base is largely organic because it didn't utilize marketing until very recently.
The company differentiates itself from its competition by allowing artists to upload music to its platform, Habib said, also sharing that Anghami also produces content and has its own payment network.
SPAC Deal Notes: Using the SPAC route to go public in the U.S. markets allowed the company to "supercharge" its growth, Habibb told Benzinga.
The transaction is expected to close in the second quarter of 2021. Pending shareholder approval, Anghami will be listed on the Nasdaq and trade under the ticker symbol "ANGH."
Related Link: 'SPACs Attack' Weekly Recap: Looking Back On 9 Deal Announcements, Rumors And Headline News
VMAC Price Action: Vistas Media Acquisition Co traded as high as $11.12 and as low as $9.75 since its IPO.
At last check Wednesday, the stock was up 0.20% at $9.94.
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