It was a big day on Wall Street as ecommerce platform Jumia became the first African tech startup to be listed on the New York Stock Exchange. According to a regulatory filing, Jumia was proposing an offer of 13.5 million American Depository Shares (ADS), which each represent two ordinary shares, at an anticipated price of $13 to $16.
Jumia Nigeria CEO Juliet Anammah rang the bell at the Stock Exchange on Friday morning after the pricing was pushed back a day. (A rep said the company wanted to update the market with some Q1 numbers and they need a day to digest.) At the same time, Jumia employees in the 14 African countries in which the company operates rang their own bells. An additional 150 employees from those countries were on hand to watch, taking selfies with the bell and trying to surreptitiously snap Mad Money’s Jim Cramer, who was seated directly across from the bell while shooting CNBC’s Squawk on the Street with Carl Quintanilla.Read Complete Article