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.
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