When e-commerce platform Jumia listed in New York last month, it was heralded as Africa’s first unicorn to go public.
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MTN Group plans to sell at least half of its R9.4-billion interest in newly listed Jumia Technologies, according to people familiar with the matter.
Jumia Technologies raised $196-million in an initial public offering in New York, as the Africa-focused online retailer looks to boost its profile and expand an ever-growing customer base.
Often tagged as Africa’s Amazon.com, Jumia has been able to grow in markets largely untapped by the US heavyweight, which is hampered by a lack of distribution infrastructure on the continent.
Jumia Technologies said on Monday that Mastercard has agreed to invest €50-million in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York.
Jumia has kick-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.
MTN Group shares soared by 18.1% on Thursday after Africa’s biggest wireless carrier started a R15-billion disposal plan to shore up the balance sheet.
In the podcast this week, Duncan McLeod and Regardt van der Berg discuss Stella Ndabeni-Abrahams altercation with an SABC news crew at the weekend, and her subsequent apology.
African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5-billion, according to people familiar with the matter.
MTN Group is exploring a sale of shares in African online retailer Jumia and values the company at as much as US$1-billion, according to people familiar with the matter.