Bloomberg/ Michael Nagle
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 four million customers in 14 African countries.
Sunday 14, April 2019
(Bloomberg) --Jumia Technologies raised $196 million in an initial public offering (IPO) in New York, as the Africa-focused online retailer and market place looks to boost its profile and expand an ever-growing customer base.
In a statement, Jumia said that it sold 13.5 million American Depositary Shares at $14.50 each, in the middle of a marketing range of $13 to $16, the shares will trade on the New York Stock Exchange (NYSE) under the symbol JMIA.
While the retail platform is not profitable, sales jumped by almost 40 per cent last year to EUR 130.6 million ($147.3 million).
Poignonnec and Hodara, the Co-Chief Executive Officers, said, “We’re going to continue to focus on our mission and to work even harder to help consumers, sellers, partners and all stakeholders benefit from this technological revolution.”
The company has headquarters in Berlin and got early funding from German start-up incubator Rocket internet, while its biggest shareholder is MTN Group. Often tagged Africa’s Amazon.com, it operates in countries where the US giant lacks distribution infrastructure and much presence.
The offering was led by Morgan Stanley, Royal Bank of Canada as well as Citigroup and Berenberg Capital Markets.