African e-commerce company Jumia completes sale of secondary shares at $99.6M

Almost two weeks ago, TechCrunch reported that African e-commerce giant Jumia was planning to sell 20 million American depositary shares (ADSs) and raise over $100 million, given its share price of around$5.70 at the time. The e-tailer has now completed the at-the-market transaction offering of 20,227,736 ADSs. Jumia sold the shares at an average price of $4.92 per ADS, generating aggregate gross proceeds before commissions and offering expenses of$99.6 million. TechCrunch reported that Jumia would likely ...