Africa’s own ‘Amazon’ lists on NY Stock Exchange
16 Apr 2019 - by
Africa’s own ‘Amazon’, Pan Africa e-commerce platform Jumia, has become the first African start-up to list on the New York Stock Exchange.
The company raised US$196-million in its initial public offering (IPO) at the world's largest stock exchange on Friday.
In a statement, the e-commerce firm said the listing "is the result of a team success", and all its employees across Africa rang the bell at the same time as the Wall Street ceremony in New York was taking place.
Jumia was established in 2012, with "a mission to improve the quality of everyday life in Africa, by leveraging technology to deliver innovative, convenient and affordable online services to consumers", a company spokesperson said.
Jumia is currently active in 14 African countries with more than 81 000 active sellers trading online.