MTN-backed Jumia files for IPO in New York
Jumia offers online shopping and payment services, and says its business is expanding
Jumia, the African e-commerce company backed by MTN, has filed for a New York initial public offering (IPO), which could value the firm at $1.6bn or more. Jumia, founded in 2012, offers online shopping, logistics and payment services, but is losing money. The company says its business is expanding, and the continent’s development will make it a better market, with a growing young population, more infrastructure investments, urbanisation and rapid economic growth. The New York filing did not say how many shares Jumia would sell, nor at what price. Morgan Stanley, Citigroup, Berenberg and RBC Capital Markets are leading the IPO. In December, Jumia was valued at €1.4bn with shares at €14.74, according to the filing. Jumia, which now counts Nigeria as its largest market, makes money both by selling its own products and by taking a cut from third-party sales. In 2018, revenues were €130.6m, up from €94m the previous year. However, losses also rose, from €165.4m in 2017 to €170.4m in 2018...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.