‘Africa’s Amazon’ Jumia goes public in New York

NEW YORK, NEW YORK, UNITED STATES (APRIL 12, 2019) (NYSE) – Africa’s largest e-commerce platform Jumia’s shares skyrocketed after an intial public offering on the New York Stock Exchange on Friday (April 12).

It said in a statement that it raised $196 million selling 13.5 million American Depositary Shares at $14.50 each, within the expected range of $13-to-$16.

Jumia is the top e-commerce site in Nigeria. It sells merchandise ranging from clothing to appliances across Africa.

Jumia was founded in Lagos, Nigeria, by two French entrepreneurs Sacha Poignonnec and Jeremy Hodara in 2012. It now has over four million customers.

The retail platform isn’t profitable, but its sales jumped by almost 40 percent to $147 million last year.

Associated Links

  • NYSE
  • Economy of the United States
  • New York City
  • New York Stock Exchange
  • Stock exchange
  • Jumia
  • Economy of New York City
  • NYSE Euronext
  • NYSE American

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