Nearly two weeks in the past, TechCrunch reported that African e-commerce large Jumia was planning to promote 20 million American depositary shares (ADSs) and lift over $100 million, given its share value of round $5.70 on the time.
The e-tailer has now accomplished the at-the-market transaction providing of 20,227,736 ADSs. Jumia offered the shares at a median value of $4.92 per ADS, producing combination gross proceeds earlier than commissions and providing bills of $99.6 million. TechCrunch reported that Jumia would doubtless promote at that value.
Jumia CEO Francis Dufay mentioned in a press release that the capital will “additional strengthen our steadiness sheet and assist us speed up our development trajectory as we progress alongside our path to profitability.”
Jumia’s money place at the moment stands at $92.8 million (comprising $45.1 million in money and money equivalents and $47.7 million in time period deposits and different monetary property) from its Q2 2024, its most up-to-date monetary report. That’s in comparison with the platform’s liquidity place of $120.6 million in This fall 2023 and $101.5 million in Q1 2024.
Jumia completed the second quarter of the yr with 2 million lively quarterly clients, representing a 6.0% quarter-over-quarter in comparison with Q1 2024 and flat year-over-year development between Q2 2023 and Q2 2024. “Our buyer base remains to be comparatively small, round two million lively shoppers per quarter, whereas we work in markets with over 600 million individuals. So we are able to do rather more on the client base,” Dufay tprevious TechCrunch earlier than enterprise his first secondary share sale as CEO earlier this month.
Between 2020 and 2021, when personal and public markets have been aflush with capital, the e-tailer raised virtually $600 million by promoting secondary shares.