Pan-African e-commerce company Jumia listed on the New York Stock Exchange on April 2019, becoming the first startup from Africa to list on a major global exchange.
Jumia was offering 13,500,000 ADR shares with an IPO range of $13 to $16 per share and priced at $14.5 per share.
Mastercard Europe SA has agreed to purchase €50.0 million of shares in a concurrent private placement at the same price.
As of December 31, 2018, Mobile Telephone Networks Holdings (Pty) Ltd (“MTN”), Rocket Internet SE (“Rocket”) and Millicom International Cellular SA (“Millicom”) own respectively 31.28%, 21.74% and 10.15% of the Company.
Other shareholders are AEH New Africa eCommerce I GmbH (8.86%), AXA Africa Holding SAS (6.06%), Atlas Countries Support S.A. (6.06%), Chelsea Wharf Holdings S.à r.l. (5.51%), CDC Group (4.04%), Rocket Investment Funds (3.48%) and Goldman Sachs (2.83%).
Africa has one of the most digitally connected populations on the planet, with 400 million internet users.
Jumia said it has 4.0 million and 6.1 million annual active customers at the end of 2018 & 2019.
Comparatively, say China has three times the number of internet users (1.2bn), Jumia would have 12 million or 18.3 million respectively.
Pinduoduo, a relatively new e-commerce platform in China, said its Active buyers in the twelve-month period ended December 31, 2018 were 418.5 million, an increase of 71% from 244.8 million in the twelve-month period ended December 31, 2017.
We are talking about totally different stages of e-commerce. Low penetration means more education and infrastructure are needed while potential upside is large.