Jumia Technologies, an African e-commerce platform backed by MTN and Rocket Internet, announced terms for its IPO on Thursday.
Headquartered in Berlin, Germany, the company plans to raise $196 million by offering 13.5 million ADSs at a price range of $13 to $16. Mastercard Europe has agreed to invest €50.0 million in a concurrent private placement At the midpoint of the proposed range, Jumia Technologies would command a fully diluted market value of $1.15 billion.
Jumia Technologies was founded in 2012 and booked $147 million in sales for the 12 months ended December 31, 2018. It plans to list on the NYSE under the symbol JMIA. Morgan Stanley, Citi, Berenberg Bank and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of April 8.
