MTN Prepared for Share Sale of African Online Retailer Jumia
- Jumia, among three African unicorns, may be worth $1.5 billion
- New York listing would help MTN raise cash to pay down debt
Jumia delivery scooters in Lagos .
Photographer: Pius Utomi Ekpei/AFP via Getty Images
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African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5 billion, according to people familiar with the matter.
Jumia’s largest shareholder MTN Group Ltd. is planning to raise as much as $600 million from selling its shares through the IPO, said one of the people, who asked not to be identified as the information isn’t public.