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1st African tech startup Jumia goes public on NYSE

1st African tech startup Jumia goes public on NYSE
Jumia Group offers 81,000 active sellers

Mubasher: Jumia Group has listed its shares on the New York Stock Exchange (NYSE) under the name “JMIA” on Friday, 12 April.

Active in 14 countries across the world, Jumia Technologies AG has become the first African technologies company to go public on the NYSE with an opening price of $18.95 a share.

“Delighted to welcome Jumia Group to NYSE! Jumia is providing opportunity to hundreds of millions of people across an emerging and dynamic marketplace,” chief operating officer at NYSE John Tuttle said on his Twitter account.

In 2018 more than 80,000 local African companies did business with Jumia, the leading online marketplace in Africa for electronics and fashion, among others.

Jumia serves 1.2 billion consumers and 17 million small- and medium-sized enterprises (SMEs) across Africa, with more than 700 million visits in 2018, representing one transaction or lead every two seconds.

The technologies group offers 81,000 active sellers on the platform, and over 29 million products, hotels, restaurants, and other services listed.

On 5 April, Jumia’s managing director in Côte d'Ivoire Francis Dufay met with the Ivorian trade minister Souleymane Diarrassouba in Abidjan to discuss Jumia's impact on the economy and job creation in Cote d'Ivoire.