Jumia Becomes First African Start-up To List On NYSE; Raises $200m On Day 1, Now Valued At $1.5bn

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Friday, April 12, 2019   / 04:56PM / By Agency news / Header Image Credit: @NYSE


Jumia Technologies AG, founded in Lagos, Nigeria, by two ex-Mckinsey French entrepreneurs in 2012 with MTN, Africa’s biggest telecoms company; as its largest shareholder is now formally listed on the New York Stock Exchange (NYSE); a move that could pave the way for other tech start-ups from the continent.

 

Shares in what has been called “Africa’s Amazon” started trading today. Jumia was set to list up to 18% of its shares in an initial public offer  (IPO), giving it “unicorn” status – a technology start-up worth $1bn-plus.

 

Jumia set a share price range between $13 and $16 with its updated S1 filing showing the company will offer 13.5 million shares for purchase. Following a roadshow to gauge investor interest, Jumia’s share could raise as much as $216 million if it goes on sale at the highest point of the range.

 

According to Bloomberg, Jumia Surges on New York Debut, Valuing Company at $1.5 Billion :

“The stock traded 34 percent higher at $19.22 as of 10.43 a.m. local time on Friday, valuing the company at about $1.5 billion and putting it in so-called unicorn territory. Jumia earlier sold 13.5 million American Depositary Receipts at $14.50 each, in the middle of a marketing range, raising about $196 million.

 

The listing caps seven years of growth for Jumia, which was founded by French entrepreneurs Sacha Poignonnec and Jeremy Hodara in 2012 and now has more than 4 million customers in 14 African countries. While the retail platform isn’t profitable, sales jumped by almost 40 percent last year to 130.6 million euros ($147.3 million).”

 

 

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