Cross-Border Team Advises on First African Tech IPO on the NYSE

Firm advises on the IPO of Jumia, Africa’s first unicorn.

May 07, 2019

Latham & Watkins has advised Joint Global Coordinators Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and Berenberg Capital Markets, LLC and the Joint Bookrunners in connection with the US$280 million initial public offering of Jumia, the leading pan-African e-commerce platform. The firm also counselled the Joint Bookrunners in connection with a €50 million concurrent private placement to Mastercard Europe. Jumia’s shares are listed on the NYSE and trade under the symbol “JMIA.” 

After a 2016 funding round, Jumia became Africa‘s first unicorn and is the first African technology company to be listed on the NYSE. Jumia operates across 14 countries in Africa, and its platform includes a marketplace, a logistics service, and a payment service known as JumiaPay. JumiaPay facilitates transactions between platform participants and allows consumers to create their own eWallet using Jumia One, the company’s payment service app. 

Latham’s team was led by Frankfurt capital markets partner Oliver Seiler and London-based US securities law partner David Boles, with London associates Jenna Gascoyne and Sarah Youssefi and Frankfurt associates David Rath, Camilla Kehler-Weiß, and Alexandre Maturana. 

The Jumia IPO is the latest high-profile listing of Rocket Internet portfolio companies on which the firm has advised, following its role advising underwriters on the recent Frankfurt Stock Exchange IPOs of HelloFresh, Westwing, and home24.

 
 
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