Jumia’s goes public
Another series on Africa Business and Investment. Pan-African e-commerce company Jumia listed on the New York Stock Exchange, with shares beginning trading at $14.50 under ticker symbol JMIA. This comes four weeks after CEO Sacha confirmed the IPO to TechCrunch and Jumia filed SEC documents.
With the public offering, Jumia becomes the first startup from Africa to list on a major global exchange.
In an updated SEC filing, Jumia indicated it is offering 13,500,000 ADR shares for an opening price spread of $13 to $16 per share, representing 17.6 percent of all company shares. The IPO could raise up to $216 million for the internet venture.
Since the original announcement (and reflected in the latest SEC docs), Mastercard Europe pre-purchased $50 million in Jumia ordinary shares.
The IPO creates another milestone for Jumia. The company in 2016 became the first African startup unicorn, achieving a $1 billion valuation after a funding round that included Goldman Sachs, AXA and MTN.
There’s a lot to break down on Jumia’s going public. The company is often dubbed the “Amazon of Africa,” and like Amazon, Jumia comes with its own mixed buzz. To be fair to Jumia, most startups (e-commerce startups in particular) rack up losses for years before getting into the black