Jumia sets to list its shares on the New York Stock Exchange

Popular e-commerce platform, Jumia Technologies AG is getting closer to finally launch its Initial Public Offering (IPO), following the approval to list its shares on the New York Stock Exchange (NYSE) as JMIA. Mymediaafrica.com reports.

However, Jumia had originally declared its intention via a Form F-1 filing with the Securities and Exchange Commission on March 12, 2019.

Now, according to an amended F-1 filing dated March 28, 2019, Jumia has been approved to list its American Depositary Shares (ADS) — US dollar-denominated equity shares of a foreign-based company available for purchase on an American stock exchange — on the NYSE. Anticipating an initial IPO price of between $13 and $16, Jumia will be selling 13.5 million ADS when it eventually goes public. This could fetch the company as much as $316 million or more in capital.

Although Jumia has the approval to list its shares, its registration statement filed with SEC is yet to be declared effective, which is like the final go-ahead from the commission for the company to launch its IPO. According to a SEC official, once that happens, it will be up to the company whether and when to launch its IPO.

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