Jumia Technologies has listed its shares on the New York Stock Exchange on Friday, April 12, 2019, trading its shares at $14.50 per American Depository Shares in an IPO. This makes Jumia the first startup from Africa to list on a major global exchange.
Aim of Jumia IPO
In an F-1 document filed at the exchange, the pan-African ecommerce company said it targets a net proceed of $253.2 million from 13.5 million shares offered up for purchase. The company raised $196 million.
Jumia Group’s Head of Public Relations and Communications, Abdesslam Benzitouni, said in a signed statement that the e-commerce company which trades on the ticker symbol JMIA on NYSE, aims to raise funds and boost awareness of its business.
He said the company attributed the successful listing to the hard work from all Jumia employees across Africa, the commitment of the sellers and partners, the consumers’ trust and all stakeholders who had shown loyalty to the company.
Jumia’s contract with Mastercard and MTN
On the front side of the public offering, Mastercard, who purchased about €50 million of Jumia’s ordinary shares said the new agreement with Jumia is in a bid to grow e-commerce operations and support digital transformation in Africa.
The company further stated that the contract would bring deep knowledge and expertise in payment solutions and also spur new innovations and development to accelerate the adoption of electronic payment platforms among customers and platforms.
MTN Group, being the largest shareholder in Jumia, plans to sell its shares in the company to raise about $600 million to pay its debt.