AFRICA – Jumia, the Pan-African ecommerce giant with a strong footprint on the continent has filed for an Initial Public Offering on the New York Stock Exchange (NYSE), making it the first African technology company to list on the exchange.
The U.S. Securities and Exchange Commission (SEC) indicated that Jumia has filed to launch its IPO on the NSE though the documents did not show the timeline of the listing and share price of the IPO.
The IPO is led by Morgan Stanley, Citigroup, Berenberg and RBC Capital Markets.
According to the filing documents, Jumia which will operate on NSE as JMIA cites itself as “the only e-commerce business successfully operating across multiple regions in Africa” with four million active customers of December last year.
The company says its business is expanding, and the continent’s development will make it a better market, with a growing young population, more infrastructure investments, urbanisation and rapid economic growth.
Africa Internet Group (AIG), the parent company to e-commerce brands like Jumia and Jovago in 2016 became Africa’s first venture capital-backed business to be valued at US$1 billion after an US$83 million investment from insurance company AXA for an 8% stake.
In December, Jumia was valued at €1.4bn with shares at €14.74, according to the IPO filings and in 2018 revenues were €130.6m (US$147.76 million), up from €94m (US$106.35 million) the previous year.
Jumia said by the end of December, accumulated losses were €862m (US$975.31 million).