S&C Advises Jumia Technologies in $225.1 Million IPOMay 7, 2019
Jumia Technologies AG, the leading pan-African e-commerce platform, completed its initial public offering on April 16 at a total offering price to the public of $225.1 million. With its shares trading on the New York Stock Exchange, Jumia has become the first African startup company to list on a major global exchange. The IPO consisted of 31,050,000 ordinary shares represented by 15,525,000 American depositary shares.
Often referred to as “the Amazon of Africa,” Jumia currently operates in 14 African countries. The company was founded in Nigeria in 2012 with a mission to improve the quality of everyday life in Africa by leveraging technology to deliver innovative, convenient and affordable online services to consumers, while helping businesses grow as they use Jumia's platform to reach and serve consumers.
The S&C team advising Jumia was led by corporate partners Krystian Czerniecki and Carsten Berrar in Frankfurt, with support from tax partner Jeffrey Hochberg.