Jumia - itbusinessdirect

Jumia’s stock has reportedly lost more than half of its value since its NYSE public IPO

October 18, 2019 Staff Writer

Jumia, the ‘African’ ecommerce company that has its corporate headquarters in Dubai and operations in 14 African countries including Egypt, Morocco, Tunisia, and Algeria, continues to struggle after an initial good run at the New York Stock Exchange. It’s stock closed at $6.68, an all-time low, on Friday, with the market cap going down to ~$520 million. For the sake of context, the Rocket Internet-founded Jumia had become a unicorn (with a valuation of $1.08 billion) in 2016 (when it was known as Africa Internet Group or AIG) after raising…

Jumia hits US$196-million in landmark New York IPO but investors may regret funding an elusive dream

April 17, 2019April 17, 2019 Editor

Jumia billed as Africa’s first “tech unicorn”, is a venture-capital funded company valued at more than $1bn on the New York Stock Exchange. Its lack of a profitable model didn’t seem to matter much on the first day of trading on Friday, as the stock surged by 75%. Jumia filed S1 documents with the US Securities and Exchange Commission (SEC) last month to launch its IPO, which was underwritten by banks such as Morgan Stanley and Citigroup. The stock went on sale on Friday 12 April 2019, initially valued at…

Online Marketplaces has potential to create 3 million jobs in Africa by 2025

March 29, 2019June 19, 2019 Dianne Jacobs

Online marketplaces such as Jumia, Souq, Uber, and Travelstart could create around 3 million new jobs by 2025 across Africa. This is according to findings of a new report released today by Boston Consulting Group (BCG). Titled ‘’How Online Marketplaces Can Power Employment in Africa’’ the report notes that these digital platforms, which match buyers and providers of goods and services, could also raise incomes and boost inclusive economic growth with minimal disruption to existing businesses and workforce norms. Speaking during the launch of the report, Patrick Dupoux, a senior…

Africa’s e-commerce giant Jumia to list on the New York Stock Exchange

March 13, 2019March 13, 2019 Editor

Reports of an initial public offering (IPO) by Jumia, the pan-African conglomerate of e-commerce businesses, have been finally confirmed but details of its financials do not paint a pretty picture. Jumia has filed to launch its IPO on the New York Stock Exchange, documents from the U.S. Securities and Exchange Commission (SEC) show. The intended IPO is a landmark first for e-commerce and tech businesses on the continent. It could also mark a possible exit by Rocket Internet, Jumia’s German parent company, divesting its remaining 28% stake in the company.…

Sources Intimate that Rocket Internet is preparing a Jumia IPO

September 21, 2018 Dianne Jacobs

Reuters sources have intimated that German start-up investor Rocket Internet (RKET.DE) is preparing its African online shopping platform Jumia for a possible New York listing in the first quarter of 2019 which could value the firm at about $1 billion. Citi (C.N), Morgan Stanley (MS.N) and Berenberg are coordinating the IPO, the sources said. Shares worth up to $250 million may be sold, one of the sources said, adding that no final decision about the timing or metrics of the deal had yet been taken. The investor and the banks…

Top 10 CEOs Innovating the African Tech Industry

November 26, 2014February 17, 2016 Staff Writer

African Tech 10. Alpesh Patel, Oju Africa Created in 2012, Oju Africa is part of Mi-Group International and is the first African-centric Emoticon provider. Running the show is Apesh Patel who has set his sights high in trying to bring Apple on board to diversify its range of emoticons; the word ‘Oju’ literally meaning ‘faces’ in the Yoruba language from its native Nigeria. 9. Barbara Mallinson, Obami Voted as one of the top young people to take to lunch, Barbara Mallinson has been labelled as one of the most refreshing…