Africa Roundup: Jumia’s IPO, DHL launches Africa e-Shop, Cathay’s $168M VC fund, ConnectMed acquired
The biggest news in a month of weighty African headlines was Jumia listing on the New York Stock Exchange.
After filing SEC IPO docs in March, the Pan-African e-commerce company’s shares began trading on the NYSE April 12, opening at $14.50 under ticker symbol JMIA. Jumia stock rose north of 70 percent on its first day of trading and started this week at $46.
With the public listing, Jumia became the first startup from Africa to list on a major global exchange. The IPO raised over $200 million for the internet venture.
The listing created another milestone for Jumia. In 2016 the company became the first African startup unicorn, achieving a $1 billion valuation after a funding round that included Goldman Sachs and MTN.