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Despite Losses, Jumia is on its way to NYSE

Nigeria and Africa ecommerce giant Jumia is likely preparing for a possible New York Stock Exchange, NYSE, listing in the first quarter of 2019, says a source some days back. Although, the tech company continues to incurred losses year-in-year-out, its major investor Rocket Internet, still looking forward for a bright future for Jumia.

Without any gain saying, Jumia has also continue to make increases in the value of goods sold but has a decline in revenue to 62 percent in the second quarter from 72 percent in the first quarter. The company has high present in Africa, in at least 14 countries.

You may recalled that in the news it had been reported of a possible listing of Jumia in the Nigeria Stock Exchange, but with no positive result as at now. According to the source, three banks Citi bank and Morgan Stanley are working on the Initial Public Offer along with Berenberg which will result in the selling of shares worth 250 million Dollars, thereby, increasing the value of Jumia to about 1 billion US Dollars.

Related: Jumia made top 50 along with Amazon of MIT list of smartest companies 2017 

Jumia is known mostly in consumer electronics and fashion. Although, it strives in hotel bookings and food chain supply. In Nigeria, a new line of product was added to these range of products which is Jumia flex, with the aim of helping its customers who cannot pay immediately but accept installments.

Source: VIA

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