Jumia Becomes First African Start-Up To List On New York Stock Exchange
Jumia Technologies, a pan-African technology company, has listed on the New York Stock Exchange (NYSE), becoming the first-ever technology company from Africa to list on the world’s largest stock exchange.
The largest e-commerce operator in Africa started its first day of trading with an opening price of $14.50 but the stock traded at the close of the day at $25.46 per share.
The initial public offering (IPO) of the pan-regional tech start-up, founded in Lagos in 2012, surged more than 75 per cent on its first day of trading at NYSE on Friday.
Mr Alex Ibrahim, Head of International Capital Markets at the NYSE, told news men that Jumia listed as an African technology company on the stock exchange.
According to him, however, Germany was only Jumia’s country of incorporation and the technology giant was 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 largest volumes.
“So, that showed the interests by investors not only very large institutions but even the retails here in the U.S., the dynamics was extremely impressive.