Pan-African e-commerce giant Jumia listed on New York Stock Exchange on Friday, opening price of $14.50 (NYSE: $JMIA] but the stock traded at the close of the day at $25.46 per share.
Jumia Technologies, a pan-African technology company, becomes the first African startup to list on a major global exchange.
The initial public offering (IPO) of the pan-regional tech start-up, founded in Lagos in 2012, surged more than 75 per cent on its first day of trading at NYSE on Friday.
Jumia’s major executives including Sacha Poignonnec, co-CEO of Jumia Group, and Juliet Anammah, chief executive of Jumia Nigeria, were present to ring the opening bell on the exchange ahead of the launch. With its shares priced at $14.5 after initially setting a share price range between $13 and $16, Jumia offered 13.5 million shares for purchase and raised $196 million. The stock opened at $18.95.
Jumia is currently active in Nigeria and 13 African countries with more than 8,000 active sellers transacting online with millions of consumers. The e-commerce platform directly employs more than 5,000 team members in Africa.
Meanwhile, sources close to Konga have also revealed that the firm is set for a major listing on either the London Stock Exchange or New York Stock Exchange (NYSE) by the last quarter of 2020. It was gathered that Mark Jessey, a prominent stock analyst on the NYSE, had hinted of the strong possibility of a Konga IPO before the end of next year, a move which, according to him, is a much sought-after one by investors.