According to multiple sources, Jumia Technologies, the largest e-commerce and retail platform in Africa, has raised $196 million in its Initial Public Offering (IPO).
In a statement that was released on April 12, the company will now be focusing on expanding its customer base and service tiers. Dubbed Africa’s Amazon, Jumia sold 13.5 million American Depositary Shares, representing a total of 17.6 percent of the company’s shares, at a unit share price of $14.50.
After the NYSE bell was rung by company executives, Jumia’s first official trading day on the NYSE was underway.
Jumia enjoyed a historic first-day run, with its stock jumping 75 percent.
Going forward, its shares will now trade on the New York Stock Exchange (NYSE) , under the ticker JMIA.
The share listing brings a culmination to years of growth, which has seen Jumia expand across 14 African countries, with an estimated user base of about 4 million people. It also represents another milestone for the company, which, became the first African startup to achieve a valuation of $1 billion back in 2016.
The “unicorn” valuation was achieved after a funding round that was led by MTN, AXA, and Goldman Sachs.
With the NYSE listing locked in, the company will look to continue its expansionary efforts.
Powered by Facebook Comments