Jumia Files for New York IPO as African Unicorn Seeks Funds
- Online retailer looking for financial flexibility, publicity
- Largest investor MTN looking to cash out, Bloomberg reported
This article is for subscribers only.
African online retailer Jumia Technologies AG started a plan to sell shares in New York as the fast-growing Nigerian firm seeks to take advantage of rising internet access and increasing smartphone use on the continent.
The company is seeking a public listing to raise funds and boost awareness, according to a filing on Tuesday. Bloomberg News reported last month that an IPO would value Jumia at about $1.5 billion, while largest shareholder MTN Group Ltd. is looking to raise about $600 million to pay down debt.