When Christophe Fofana, a 29-year-old taxi driver and student in Ivory Coast, needed a birthday present for his daughter last year, he did something he hadn’t done before. He went shopping online.
Jumia is planning to sell 13.5 million American Depository Shares at $13 to $16, raising as much as $216 million. The listing is meant to give the company financial flexibility and increase awareness of the brand among investors, the firm said in a regulatory filing last month. Still, investors tend to give e-commerce companies leeway because customer growth and market share are seen as more important, according to Seema Shah, a consumer analyst at Bloomberg Intelligence in New York. While the company competes with the likes of Amazon’s Souq.com and Naspers Ltd. in individual markets, Jumia has said it believes it’s the only pan-African e-commerce site.
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