Jumia files for IPO at New York Stock Exchange


By Pascal Oparada

Social Media/Tech Reporter

Pan-African e-Commerce giant, Jumia, has filed for Initial Public Offer (IPO) at the New York Stock Exchange, according to SEC documents and confirmation from CEO, Sacha Poignonnec.

In an updated filing, Jumia said it will offer 13,500,000 shares, for an offering price of $13 and $16 per share under the name “JMIA”.

Jumia hopes to raise up to $216 million from the offer.

Mastercard Europe has agreed to buy $50 million shares upfront in Jumia ordinary shares.

The company will become the first African Startup to list on a major global exchange.

Jumia is incorporated in Germany but maintains its headquarters in Lagos, Nigeria. It operates exclusively in Africa with about 4000 employees.

The coming IPO creates another milestone for Jumia. The venture became the first African startup unicorn in 2016 to achieve a $1billion valuation after funding by both Goldman Sachs and MTN.

Founded in Lagos in 2012 with backing from Rocket Internet, an internet platform that identifies and builds proven internet business models, Jumia now operates in 14 African countries.

Goods and services line of Jumia include Jumia Foods, which it acquired in 2017 when it was known as Hello Food, Jumia Flights, and Jumia deals.

It processed more than 13 million packages in 2018, according to data from the company.

It said it has started to generate annual revenues up to the tune of over $100 million but has racked up losses, like many startups.

Analysts believe that though, Jumia started and operates in Africa, it is not truly an African startup. Its four chief executives are non-Africans. It maintains a regional headquarters in Dubai and is registered in Germany.

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