The first big African e-commerce elephant has landed in New York. Jumia will list on the exchange at around $1.1-billion, raising a hefty $250-million on listing, with a surprise new investor Mastercard subscribing for $55-million of that amount.
The valuation set by the market was in the mid-range of the indicative value set by the underwriters, and the listing constitutes a solid vote of confidence in the future of African tech and the growth of the African retail sector. The listing is significant for another reason too: Jumia is among a whole slew of companies coming to the New York exchange which are currently loss-making. The filing documents show that the company‘s operating losses increased from $173-million in 2017 to $190-million in 2018. On the other hand, turnover increased at a faster rate, suggesting the company is heading in the direction of profitability.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coalition governments don’t work in SA: Ramaphosa - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.African National Congress President Cyril Ramaphosa says coalition governments don't work in South Africa, as people say they do. Sobona apha kwi 2019 national government coalition led by CIC. it actually does work Obviously they don't. The ANC doesn't share power, and they know this.
Source: SABC News Online - 🏆 32. / 51 Read more »
Celebrations continue after Bafana Bafana qualifies for AFCON - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The South African men's soccer team will make a welcome return to the Africa Cup of Nations tournament after missing out in Gabon in 2017. We celebrating as if we were in 96 again .. SA should be a sure thing to qualify everytime .. i remember the days when we were shocked when we didnt qualify My biggest worry is that BafanaBafana probably think they’ve won the afcon already and they would go on vacation in Egypt 🇪🇬
Source: SABC News Online - 🏆 32. / 51 Read more »