There are strong indications that Rocket Internet, owner of e-commerce platform Jumia is set to list the platform on the New York Stock Exchange.
Although details of the volume of Jumia shares that Rocket Internet wants to float on the stock market has not been released, Reports by Reuters revealed that the value of the transaction is put at $250 million and will be concluded by first quarter of 2019.
It has also appointed some financial institutions such as Citi Bank, Morgan Stanley and Berenberg to handle the listing process.
Earlier in the year, the German start-up earlier reported that Rocket Internet is considering floating the e-commerce giant through an Initial Public Offer (IPO).
The IPO is in line with Rocket’s mode of exit from mature portfolio companies. HelloFresh, in November last year was IPO’d on the Frankfurt Stock Exchange in a deal valued at €1.7 billion. Deliveryhero, another company was listed on the Frankfurt Stock Exchange at a valuation of €994 million.
According to its financial results for the first half of 2018, Rocket Internet reported, on September 20, a consolidated profit of 197 million euros.
Jumia platform recorded a volume of goods sold worth € 315 million, up 67% compared to the same period in 2017.
Jumia’s major competitor Konga was recently acquired by Zinox after a month-long negotiation with major investors, Naspers and AB Kinnevik.
Rocket Internet Group was founded in Berlin in 2007 by three brothers: Marc, Oliver and Alexander Samwer. The company had aggregate revenues of 1.8 billion as at September 2017, and employees over 300 staff. This excludes employees at its portfolio companies which number over 30,000.
Jumia, formerly known as Africa Internet Group (AIG), was founded in Nigeria in 2012. The company has expanded its operations to over 20 companies.