Jumia: ‘Africa’s Amazon’ in Landmark Stock Market Listing
Shares in Africa’s largest e-commerce firm have debuted on the New York stock market, which could see other tech start-ups on the continent follow suit.
Jumia is listing 17.6% of the company at $14.50 a share, giving the company “unicorn” status – a technology start-up worth $1bn-plus.
It is the first tech start-up from Africa to float on Wall Street.
The so-called “Africa’s Amazon” has 4 million customers on a continent where just 1% of retail sales are via online.
Jumia was founded in Lagos, Nigeria, by two French entrepreneurs in 2012 and now offers services to most of the African population, in countries such as South Africa, Tanzania, Egypt and Ivory Coast.
Its largest shareholder is MTN, Africa’s biggest telecoms company.
Photo courtesy of Lorenzo.