Jumia Announces the Completion of its At The Market Offering

Rhea-AI Summary

Jumia Technologies AG announced the completion of its "at the market" offering, selling 8,962,961 ADSs at an average price of $38.90 each, generating approximately $348.6 million in gross proceeds. After deducting commissions and expenses, net proceeds are expected to reach $341.2 million. The funds will be used for general corporate purposes. This follows a prospectus supplement filed with the SEC on March 18, 2021, for the offering facilitated by Citigroup Global Markets Inc.

Positive

• Raised $348.6 million in gross proceeds from the sale of ADSs.
• Net proceeds expected to be approximately $341.2 million for corporate purposes.

Negative

• None.

Jumia Technologies AG (“Jumia”), the leading pan-African e-commerce platform, announced that it has completed its “at the market” offering. All 8,962,961 ADSs offered by Jumia were sold at an average price of $38.90 per ADS, generating aggregate gross proceeds of $348.6 million. Proceeds, net of commissions and estimated expenses, are expected to be $341.2 million. Jumia intends to use the net proceeds from this offering for general corporate purposes.

On March 18, 2021, Jumia filed a prospectus supplement with the Securities and Exchange Commission for the sale of 8,962,961 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 Jumia’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210330005575/en/

FAQ

What was the gross amount raised by Jumia from its ADS offering?

Jumia raised approximately $348.6 million in gross proceeds from its ADS offering.

How much will Jumia net from its ADS offering after expenses?

Jumia expects to net approximately $341.2 million after deducting commissions and estimated expenses.

When did Jumia file a prospectus for its ADS offering?

Jumia filed a prospectus supplement with the SEC on March 18, 2021.

Who acted as Jumia's agent for the ADS offering?

Citigroup Global Markets Inc. acted as Jumia's agent for the ADS offering.

What is Jumia's intended use of the proceeds from the ADS offering?

Jumia intends to use the net proceeds for general corporate purposes.