Jumia goes Public on New York Stock Exchange

On Friday, Nigerian e-commerce giant Jumia listed on New York Stock Exchange, opening at $18.95 (NYSE: $JMIA), according to NYSE on Twitter.

With the public offering, Jumia becomes the first African startup to list on a major global exchange.

In an updated SEC filing, Jumia indicated it is offering 13,500,000 ADR shares for an opening price spread of $13 to $16 per share, representing 17.6 percent of all company shares. The IPO could raise up to $216 million for the internet venture.

Since the original announcement (and reflected in the latest SEC docs), Mastercard Europe pre-purchased $50 million in Jumia ordinary shares.

The IPO creates another milestone for Jumia. The company in 2016 became the first African startup unicorn, achieving a $1 billion valuation after a funding round that included Goldman Sachs, AXA and MTN.

There’s a lot to break down on Jumia’s going public. The company is often dubbed the “Amazon of Africa,” and like Amazon, Jumia comes with its own mixed buzz. Jumia’s SEC F-1 prospectus offers us more insight into the venture, and perhaps any startup from Africa, thus far.

To honour the occasion, Juliet Anammah, Jumia Nigeria CEO rang the NYSE opening bell.