Jumia Technologies, a pan-African technology company, has become the first African start up to be listed on the New York Stock Exchange (NYSE), becomi
Jumia Technologies, a pan-African technology company, has become the first African start up to be listed on the New York Stock Exchange (NYSE), becoming the first-ever technology company from Africa to list on the world’s largest stock exchange.
The largest e-commerce operator in Africa started its first day of trading with an opening price of $14.50 but the stock traded at the close of the day at $25.46 per share. The initial public offering (IPO) of the pan-regional tech start-up, founded in Lagos in 2012, surged more than 75 per cent on its first day of trading at NYSE on Friday.
Jumia Nigeria CEO Juliet Anammah, was present to ring a ceremonial bell when the company’s stock began trading on the floor of NYSE.
Mr Alex Ibrahim, Head of International Capital Markets at the NYSE, says that Jumia listed as an African technology company on the stock exchange, however, Germany was only Jumia’s country of incorporation and the technology giant was
He said Jumia chose to list on New York Stock Exchange as against NASDAQ, which was usually traditional technology companies, because it saw the benefits. Ibrahim said NYSE had large volatility than its competitor, NASDAQ, adding that NYSE provides more visibility, certainty of execution and when companies do transactions, they trade very well.