Jumia, first African Start-up to List on New York Stock Exchange

Jumia, first African Start-up to List on New York Stock Exchange

Jumia Nigeria CEO Juliet Anammah ringing the bell. I Courtesy

Jumia Technologies, on Friday, listed on the New York Stock Exchange (NYSE), becoming the first e-commerce company from Africa to list on the world’s largest stock exchange.

Jumia ((NYSE: JMIA)  started its first day of trading with an opening price of $14.50. The stock ended the day trading at $25.46 per share. It has a market cap of about $3.9 billion.

John Tuttle, Chief Operating Officer, NYSE said he was “Delighted to welcome JumiaGroup to NYSE! Jumia is providing an opportunity to hundreds of millions of people across an emerging and dynamic marketplace!

Founded in 2012, Jumia operates in 14 countries, including Kenya, Ghana, Algeria, Angola, and Senegal.

With the listing, it seeks to raise funds and boost awareness, according to its filing. “We intend to benefit from the expected growth of e-commerce in Africa through the investments that we have made and the extensive local expertise that we have developed since our founding in 2012,” Jumia said in the initial public offering.