Mideast Spotify Rival Anghami Soars on Debut After SPAC Merger
- Anghami merged with Vistas Media Acquisition Company
- Blank-check firms have lost favor with investors, IPOs pulled
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Middle Eastern Spotify Technology SA rival Anghami surged as much as 82% on its Nasdaq debut following its merger with a blank-check firm, even after all but a handful of investors opted to return their shares in exchange for cash.
Anghami shares opened at $17.91 on Friday, before paring some of the gains to trade around $12. It’s the first Arab technology company to list on Nasdaq and its debut comes a day after Spotify’s shares tumbled in the U.S. after disclosing a slowdown in growth, following a month of controversy involving podcast host Joe Rogan.