Jumia Technologies traded at $25.46 as of 4:34 p.m. local time on Friday, valuing the company at more than $1.9 billion. Jumia earlier raised $196 million with the sale of 13.5 million American depositary receipts at $14.50 each.
“This is about awareness,” Poignonnec said in a phone interview. “Millions and millions of Africans are yet to realize the benefits of e-commerce.” Often tagged Africa’s Amazon.com, Jumia operates in countries such as Nigeria and Ivory Coast where the U.S. giant lacks distribution infrastructure and much presence. The company has developed a logistics arm that includes pick-up and drop-off points to combat vague addresses, and also lets customers make mobile-phone payments if they don’t have access to banking services.
The offering was led by Morgan Stanley, Royal Bank of Canada, Citigroup Inc. and Berenberg Capital Markets LLC. Citadel Securities was the designated market maker.
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