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.