Spotify rival Anghami skyrockets over 80 percent in Nasdaq debut

Shares of Anghami Inc. soared more than 80 percent in their Nasdaq debut on Friday following the Middle East and Northern Africa-focused music streaming platform’s $220 million merger with blank-check firm Vistas Media Acquisition Company.

The first Arab tech company to list on Nasdaq, Abu Dhabi-headquartered Anghami has more than 70 million registered users and partnerships with Universal Music Group, Sony Music and Warner Music Group.