Deals
Jumia Surges on U.S. Debut as Africa's Amazon Goes Public
- Online retailer valued at over $1.9 billion in Friday trading
- Berlin-based company is looking to raise profile, boost growth
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Jumia Technologies AG shares soared by 75 percent on their first day of trading in New York, as investors rushed to buy into the company’s plans to extend online shopping services across Africa.
The stock traded at $25.46 as of 4:34 p.m. local time on Friday, valuing the company at more than $1.9 billion. Jumia earlier raised $196 million with the sale of 13.5 million American depositary receipts at $14.50 each.