Friday, April 12, 2019   / 04:56PM / By Agency news / Header Image Credit: @NYSE

JumiaTechnologies AG, founded in Lagos, Nigeria, by two ex-Mckinsey Frenchentrepreneurs in 2012 with MTN, Africa’s biggest telecoms company; as itslargest shareholder is now formally listed on the New York Stock Exchange(NYSE); a move that could pave the way for other tech start-ups from thecontinent.

Sharesin what has been called “Africa’s Amazon” started trading today. Jumia was setto list up to 18% of its shares in an initial public offer  (IPO), giving it“unicorn” status – a technology start-up worth $1bn-plus.

Jumiaset a share price range between $13 and $16 with its updated S1 filing showingthe company will offer 13.5 million shares for purchase. Following a roadshowto gauge investor interest, Jumia’s share could raise as much as $216 millionif it goes on sale at the highest point of the range.

According to Bloomberg,JumiaSurges on New York Debut, Valuing Company at $1.5 Billion :

“Thestock traded 34 percent higher at $19.22 as of 10.43 a.m. local time on Friday,valuing the company at about $1.5 billion and putting it in so-called unicornterritory. Jumia earlier sold 13.5 million American Depositary Receipts at$14.50 each, in the middle of a marketing range, raising about $196 million.

Thelisting caps seven years of growth for Jumia, which was founded by Frenchentrepreneurs Sacha Poignonnec and Jeremy Hodara in 2012 and now has more than4 million customers in 14 African countries. While the retail platform isn’tprofitable, sales jumped by almost 40 percent last year to 130.6 million euros($147.3 million).”

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