Jumia Group seeks to target Ksh 10 billion in NYSE

Written By: Ronald Owili
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Jumia Group is now seeking to expand its product portfolio and expand its African operations following a debut on the New York Stock Exchange last week where the firm targets to raise Ksh 10 billion.

Jumia Kenya Managing Director Sam Chappatte further revealed plans by the company to list shares on Africa’s major stock exchanges.

Dubbed Africa’s Amazon, Jumia Technologies AG listed 17.6 percent of its shares on the NYSE with an offer of 14.50 or Kshs 1450 per share.

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The parent company hopes last week’s listing on the New York stock exchange will raise 10 billion shillings and bring in more investors in their expansion plan.

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Last year, Jumia made a Ksh 14 billion loss, with the e-commerce firm blaming the loss on increased investments on the business.  

Jumia Kenya managing director Sam Chappatte says plans are underway to list the e-commerce company on major African exchange in future as the group targets to increase its presence in the continent from the current 14 countries

Chappatte added that Jumia will soon start procuring software from local developers in a bid to provide services that are more suitable for the Kenyan markets,  this as queries from different quarters continues to arise over the composition of the firm’s ownership.

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Last week Jumia became the first African tech company to list in a major global exchange with the company offering 13.5 million shares for purchase. 

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