Jumia files to list on New York Stock Exchange

Pan-African e-commerce firm with footprints in Kenya, Jumia has filed an Initial Public Offer (IPO) at New York Stock Exchange.

The firm is likely to become the first African tech startup to list on a major global exchange.

Founded in 2012, Jumia offers online shopping, logistics and payment services, but has over the years been burning through cash as it seeks to establish and expand its presence.

In December, Jumia was valued at 1.4 billion euros ($1.6 billion) with shares at 14.74 euros, according to the filing.

Jumia, which now counts Nigeria as its largest market, makes money both selling its own products and taking a cut from third-party sales.

In 2018, revenues were 130.6 million euros, up from 94 million euros the previous year.

However, losses also rose, from 165.4 million euros in 2017 to 170.4 million euros in 2018. By the end of December, accumulated losses were 862 million euros, the firm said.

Jumia Kenya continues to dominate Kenya’s e-commerce sector and is seen as a pacesetter for both local and international online market place brands entering the country.

Jumia’s rivals in Kenya include Masoko by Safaricom and Kilimall which launched in 2017 and 2016 respectively.

According to the Geopoll BlackFridayStraw Poll of December 2017, Jumia remains the most preferred e-commerce vendor in Africa.

The poll interviewed 2,031 respondents in Nigeria, South Africa, and Kenya, and showed 56 percent of respondents have shopped on Jumia.

  

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