Spotify rival Anghami soars over 80% in U.S. debut after SPAC deal

Anghami

04/02/2022 15:26

** Shares of EMEA-focused music streaming co  ANGH.O  up 82%
at $17.91 in Nasdaq debut 
    ** Becomes the first Arab tech co to list in the United
States 
    ** ANGH merged with blank-check firm Vistas Media
Acquisition Co  VMAC.O  last year in a deal valued at $220 mln
 urn:newsml:reuters.com:*:nL3N2L1194
    ** Co-founder Ellie Habib said Anghami plans to double
output and rev; last year, Anghami said https://www.reuters.com/business/media-telecom/spotify-competitor-anghami-become-first-arab-tech-company-list-nasdaq-2021-03-03
 rev jumped 80% over three years
    ** Shares in Spotify  SPOT.N  up as much as 7% at $170.8
    ** HQ-ed in Abu Dhabi, Anghami has more than 70 mln
registered users; it also has partnerships with Universal Music
Group, Sony Music and Warner Music Group

 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))