Latham & Watkins Advises Citigroup on Capital Increase and Sales Offering of Jumia Technologies AG

Cross-border team advises on capital increase and subsequent “at the market” sales offering of leading pan-African e-commerce platform.

December 09, 2020

Latham & Watkins LLP has advised Citigroup Global Markets Inc. (Citigroup) on the capital increase with the exclusion of subscription rights and the subsequent “at the market” sales offering of Jumia Technologies AG (Jumia), the leading pan-African e-commerce platform listed on the New York Stock Exchange (NYSE). 7,969,984 new ADSs offered by Jumia have been sold at an average price of US$30.51 per ADS, generating aggregate gross process of US$243.2 million. It was the first at the market sales offering of a German stock corporation listed on the NYSE.

Latham represented Citigroup with a team led by London partner Ryan Benedict and Frankfurt partner Oliver Seiler, with Milan capital markets lawyer Irene Pistotnik and Frankfurt associates David Rath, Camilla Kehler-Weiß, and Alexandre Maturana.

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