Jumia Announces the Completion of its At The Market Offering
Jumia Technologies AG has successfully completed its "at the market" offering, selling 7,969,984 ADSs at an average price of $30.51 each. This generated gross proceeds of $243.2 million, with net proceeds expected to be around $231.4 million after expenses. The funds will be utilized for general corporate purposes. The offering was facilitated by Citigroup Global Markets Inc. This move is seen as a strategic financial maneuver to bolster Jumia's capital for operational needs, reflecting its position as a leading pan-African e-commerce platform.
- Generated $243.2 million in gross proceeds from the sale of 7,969,984 ADSs.
- Net proceeds expected to be $231.4 million after expenses, strengthening financial position.
- None.
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BERLIN--(BUSINESS WIRE)--Jumia Technologies AG (“Jumia”), the leading pan-African e-commerce platform, announced that it has completed its “at the market” offering. All 7,969,984 ADSs offered by Jumia have been sold at an average price of
On November 30, 2020, Jumia filed a prospectus supplement with the Securities and Exchange Commission for the sale of 7,969,984 ADSs through an “at the market” offering with Citigroup Global Markets Inc. as Jumia’s agent.
About Jumia
Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of its marketplace, which connects sellers with consumers, its logistics service, which enables the shipment and delivery of packages from sellers to consumers, and its payment service, which facilitates transactions among participants active on our platform in selected markets.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this release include, but are not limited to, statements concerning the use of proceeds from the offering. Risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in Jumia’s registration statement on Form F-3. Forward-looking statements speak only as of the date the statements are made and are based on information available to Jumia at the time those statements are made and / or management's good faith belief as of that time with respect to future events. Jumia assumes no obligation to update forward-looking statements to reflect events or circumstances after the date that they were made, except as required by law.
