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LAGOS, Nigeria — Jumia Technologies raised $196 million in an initial public offering in New York, as the Africa-focused online retailer and marketplace looks to boost its profile and expand an ever-growing customer base.
Jumia sold 13.5 million American Depositary Shares at $14.50 each, in the middle of a marketing range of $13 to $16, it said in a statement on Friday. The shares will trade on the New York Stock Exchange under the symbol JMIA.
The listing caps seven years of growth for Jumia, which was founded by French entrepreneurs Sacha Poignonnec and Jeremy Hodara in 2012 and now has more than 4 million customers in 14 African countries. While the retail platform isn’t profitable, sales jumped by almost 40 percent last year to €130.6 million ($147.3 million).
The offering was led by Morgan Stanley, Royal Bank of Canada, Citigroup and Berenberg Capital Markets.
By John Bowker; editors: Anthony Palazzo, Helen Nyambura.