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Jumia breaks history by becoming first African startup to list on NYSE

by Felix Omondi

Jumia Technologies has been listed on the New York Stock Exchange (NYSE). Effectively making the pan-African tech company the African tech company to be listed on the NYSE; the biggest stock exchange in the world.

Jumia has over the years grown to become Africa’s leading e-commerce platform. On its first day of trading, Jumia opened the day at $14.50 and at closing the shares stood at $25.46.

Founded in Lagos, Nigeria back in 2012, Jumia’s initial public offering (IPO) grew by 75% on the first day of trading on NYSE, that is on Friday, April 12, 2019.

Juliet Anammah, the Jumia Nigeria CEO, rung the ceremonial bell at NYSE when the e-commerce stock started trading. Jumia listed on the NYSE as an African tech company.

According to Alex Ibrahim, the Head of International Capital Market said that although Germany was the country where Jumia got incorporated. It still largely remains a pan-African company.

We are very excited about Africa because what we saw here today was amazing. This company priced extremely well, traded up larget volumes.

So, that showed the interest by investors not only very large institutions but even the retails here in the U.S. they dynamics was extremely impressive.

We are expecting to see other companies from the region in different segments of the tech space to potentially consider U.S. listing,” said Ibrahim.

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