MTN could make up to $600 million in Jumia New York IPO

·
February 11, 2019
·
1 min read
Jumia Market

African eCommerce giant, Jumia is planning an initial public offering (IPO) in New York this year according to a Bloomberg report. The report says the move will value Jumia at $1.5 billion.

In May 2018, unconfirmed reports said Jumia was planning an IPO in Frankfurt or London as its mother investment company, Rocket internet is seeking an exit.


Suggested Read: Jumia may soon IPO


MTN Group is Jumia’s largest shareholder and is reportedly planning to raise up to $600 million from the sale of its shares during the IPO.

Jumia's successful listing could help MTN reduce its debt which has reportedly "increased to 69.8 billion rand in June from 57.1 billion rand at the end of 2017".

The imminent listing of MTN Nigeria is also expected to contribute to offsetting the debt.

Continue ReadingHow Jumia’s planned listing on New York Stock Exchange is strategic for MTN, Rocket Internet


Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

tech. media. startups. africa. vc | Twitter: @victor_ekwealor
tech. media. startups. africa. vc | Twitter: @victor_ekwealor
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

tech. media. startups. africa. vc | Twitter: @victor_ekwealor

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier