African e-commerce company Jumia listed on the New York Stock Exchange (NYSE) on Friday, April 12, 2019, under the trading symbol "JMIA", with shares opening at $18.95 according to a tweet by NYSE.
Jumia is currently the leading pan-African e-commerce platform active in 14 countries, connecting sellers with consumers. On Friday, makes history as the 1st African tech startup to ever go public.
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,”.
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