MTN Group Limited may rake in nothing less than $600 million as Africa’s largest online retail, Jumia is set to go public. The telco is planning to raise as much as $600 million from selling its shares through the Initial Public Offering (IPO).
Jumia is planning an IPO in New York this year that could value the business at about $1.5 billion.
MTN’s shares in Jumia
MTN Group currently holds 40% stakes in Jumia which is arguably Africa’s biggest online retailer. The company is present in about 14 African countries, including Nigeria where it is in competition with Konga and other smaller e-commerce operators.
With its capital base of $1 billion, Jumia is also one of the most valued e-commerce companies on the African continent. According to Bloomberg, Jumia’s revenue has grown steadily since 2012 when it was established.