African e-commerce firm Jumia plans listing on NYSE

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A Jumia scooterman tries to speak to clients to be delivered with product at the Ikeja warehouse of the company in lagos on June 12, 2013. JUMIA is a Nigerian based online retail company, where customers purchase their electronics, books, phones, DVDs and other choice products and have them shipped directly to their homes or offices with several payment options to choose from. JUMIA, the fourth largest Nigerian website, which recently turned one years old have hit over half a million customers in the country. Jumia is funded by Rocket Internet, a Germany based Internet incubators globally responsible for starting market leading e-commerce companies. AFPPHOTO/PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

African e-commerce company, Jumia, has filed for an initial public offer on the New York Stock Exchange.

A Jumia scooterman tries to speak to clients to be delivered with product at the Ikeja warehouse of the company in lagos on June 12, 2013. JUMIA is a Nigerian based online retail company, where customers purchase their electronics, books, phones, DVDs and other choice products and have them shipped directly to their homes or offices with several payment options to choose from. JUMIA, the fourth largest Nigerian website, which recently turned one years old have hit over half a million customers in the country. Jumia is funded by Rocket Internet, a Germany based Internet incubators globally responsible for starting market leading e-commerce companies. AFPPHOTO/PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

The Nigerian based company, with operations in 14 countries, did not initially announce when it plans to go through with the listing.

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.

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.

In the IPO prospectus Jumia said that the value of goods sold on its platforms is increasing at a more rapid pace than losses, from 507.1 million euros in 2017 to 828.2 million euros in 2018.

Jumia’s active users, people who buy something at least once in the past year, increased to 4 million at the end of last December form 2.7 million a year earlier.

Apart from Rocket Internet, which owned 21.74 percent of Jumia as of the end of December, MTN Group held 31.28 percent.

Other, smaller shareholders include Millicom International, AXA Africa Holding and Goldman Sachs.

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