Anghami Inc, music streaming platform and service in the Middle East and North Africa, announced today that is has completed its business combination with Vistas Media Acquisition Company. Anghami’s common ordinary shares and its warrants will begin trading in the United States on February 4, 2022, on NASDAQ under the tickers “ANGH” and “ANGHW,” respectively.
“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. 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,” Eddy Maroun, Co-founder and Co-Chief Executive Officer of Anghami, commented.
In early 2021, Shuaa Capital led a funding round for Anghami and made a PIPE commitment of $30 million, in addition to a $10 million commitment from Vistas Media Sponsor, LLC. SHUAA worked closely with the team to develop and secure the PIPE investment and achieve a successful listing on NASDAQ. Franklin Templeton, a leading global investment company, also came on board as one of the pre-IPO investors and invested in PIPE prior to the company’s listing.
“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. 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. We look forward to continuing our mission to transform the music streaming industry globally by connecting fans and artists and providing a unique streaming experience by focusing on original hyper-local content and an extensive catalog of music and entertainment,” Elie Habib, Co-founder and Chief Technology Officer of Anghami, said.
Anghami established its global headquarters and R&D centre in Abu Dhabi in 2021, as part of a partnership with the Abu Dhabi Investment Office (ADIO). Through the AED 2 billion (USD 545 million) Innovation Programme, ADIO has provided Anghami with financial and non-financial incentives to set up at the Abu Dhabi Global Market (ADGM).
“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,” F. Jacob Cherian, Co-chief Executive Officer of Anghami, commented.
Anghami also has offices in Beirut, Dubai, Cairo, and Riyadh. In less than a decade, Anghami has worked with several local label partners to build catalogues of songs from around the region and negotiate licenses with major international labels. Today, Anghami has 72 million songs in its libraries and 75 million registered users, as well as around 40 telco partners in the MENA region. Anghami’s growth and success over the years, and especially in its three largest markets – Egypt, Saudi Arabia, and the United Arab Emirates – has catapulted the company into a driving force in shaping the music business in the Middle East and North Africa (MENA) region.
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