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.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.