Pan-African famous e-Commerce startup Jumia got listed on the stock today, and the shares started at the rate of $14.50 under the ticker symbol JMIA. CEO Sacha Poignonnec confirmed about this IPO four weeks ago with TechCrunch; he also stated that Jumia filed the SEC documents too.
Jumia is the first company from Africa to get listed on a global platform. In the updated SEC filing, Jumia indicated that it is offering 13,500,000 ADR shares at an opening price of 13 to 16 USD per share. This accounts for 17.6 percent of all the company’s shares. This IPO could rise to $216 million for this internet venture.
After the original announcement and the SEC documentation, the Mastercard Europe pre-purchased $50 million ordinary shares from Jumia. The IPO is another milestone for Jumia as it already became the first startup unicorn from Africa in 2016. It achieved $1 billion valuations after the completion of a funding round that included AXA, MTN and Goldman Sachs.
There is a lot of breakdown going on after the announcement of Jumia going public has been made. Jumia is often referred to as the Amazon of Africa and similar to Amazon it comes with its own buzz. Jumia’s SEC F-1 prospectus offer more insights into the venture.
Jumia is a company that was founded in Lagos back in 2012. The company was backed by Rocket Internet back then. Jumia now operates on various online verticals in 14 countries of Africa. Jumia going public has given a brief landscape of e-Commerce in that country. Companies like Alibaba wanted to go into the country, but there were unable to, even Amazon offers very limited service in the African countries.