Jumia said its shares will price at between $13 to $16 each in its initial public offering, giving the company a valuation of up to $1.3 billion.
REUTERS/Luc Gnago
It expects to raise another $56 million in a private sale of stock to Mastercard Europe at the same time as its public offering. Morgan Stanley is leading the IPO, working with Citigroup; Germany's Berenberg Capital Markets; RBC Capital Markets; Raymond James; Stifel, Nicolaus; and William Blair.in Lagos, Nigeria. It eventually grew into the conglomerate known as the Africa Internet Group, run by cofounders and co-CEOs Sacha Poignonnec and Jeremy Hodara.
But Jumia offers more than just consumer shopping sites. It also helps sellers ship their goods to customers via its logistics service and offers them a payment service. and many other technology companies going public lately, Jumia is still operating in the red. It lost $195 million in 2018, compared to about $189 million the year before.The company claims to be Africa's"only" successful e-commerce business. But it believes it has more room to grow as internet penetration increases across Africa and as online shopping grows in popularity.
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