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.
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.
BUSINESS MAVERICK OP-ED: Blockchain and cryptocurrency regulation in AfricaSub-Saharan Africa may have the second-highest population of unbanked adults in the world, at about 350 million people, or 17% of the global total. It is estimated that two-thirds of sub-Saharan Africans do not have a bank account. Blockchain technology can help fix that, but only if African regulators act fast.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Africa is being left out of the digital tax loopIt’s a tricky issue. Tech companies are able to operate internationally very effectively, zooming down fibre optic cables from their tax havens. Should they be taxed in a different way? It’s now a leading topic on the global agenda, and African tax experts are hustling to join the discussions. Governments around the world have proposed varying solutions. Africa, however, is not necessarily happy with the progress, but potential solutions are out there. Very interesting piece DURITZ79
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Facebook’s South Africa problem: Just what exactly is ‘white nationalism’?Facebook, under enormous pressure to be more conscious about the content on the platform, has recently announced that beginning immediately it will start taking down posts that support white nationalism and white separatism. But what exactly is ‘white nationalism’ and how would it apply in South Africa? Turns out, it’s a work in progress. A MINORITY's(self)-Preservation .
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Africa’s Amazon Set for New York IPO as Online Retail Takes OffJumia, Africa's largest online retailer, continues to build its profile in the run-up to its New York Stock Exchange listing. The company has now release its customer numbers for 2018, which jumped 48% to just over four million. Its planning to sell 13.5 million American Depository Shares at $13 to $16, raising as much as $216 million.
Source: dailymaverick - 🏆 3. / 84 Read more »
OP-ED: Business must help rebuild a post-Zuma South Africa – but also confront bad policy decisionsBig Business has a major role to play in not only helping the government rebuild what was destroyed during the Jacob Zuma presidency but also to speak out about bad decision-making. At the same time, business is not government and operates with a fundamentally different set of incentives and assumptions.
Source: dailymaverick - 🏆 3. / 84 Read more »