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 worth 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 bought the shares at a median worth 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 worth.
Jumia CEO Francis Dufay stated in an announcement that the capital will “additional strengthen our steadiness sheet and assist us speed up our progress 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 belongings) 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 autumn 2023 and $101.5 million in Q1 2024.
Jumia completed the second quarter of the yr with 2 million energetic quarterly clients, representing a 6.0% quarter-over-quarter in comparison with Q1 2024 and flat year-over-year progress between Q2 2023 and Q2 2024. “Our buyer base remains to be comparatively small, round two million energetic customers per quarter, whereas we work in markets with over 600 million individuals. So we will do way more on the client base,” Dufay toutdated 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.
