US stocks up 75% on first trading day at NYSE – Quartz Africa

This story has been updated

Jumia's initial public offering was launched on the New York Stock Exchange and its shares jumped.

After the official ringing of the New York Stock Exchange bell by the company's executives, Jumia's first official trading day on the New York Stock Exchange began. And, as investors specializing in supporting e-commerce companies in emerging markets were predicting Quartz AfricaJumia attracted investor interest and had an impressive first day. His shares, priced at $ 14.5, closed up 75%.

While the sharp rise in the first trading day signals a positive outlook for investors, it is by no means a permanent trend, as evidenced by another recent high-tech IPO. . After launching itself in the middle of a strong interest and gaining on the stock price during its first day of trading, the brokerage firm Lyft announced that its IPO price it was broken just two weeks after its launch.

Jumia's top executives, including Jumia's co-CEO Sacha Poignonnec and Jumia Nigeria's Executive Director Juliet Anammah, were there to announce the start of the pre-launch trading session. With its shares priced at $ 14.5 after initially setting a price between $ 13 and $ 16, Jumia offered 13.5 million shares to purchase and raised $ 196 million. The stock opened at $ 18.95.

AP Photo / Richard Drew

Jumia's co-CEO, Sacha Poignonnec, applauds when Jumia Nigeria CEO Juliet Anammah in the center rings the ceremonial bell when the company's shares start trading on the floor of the New York Stock Exchange.

This list marks a turning point for African technology ecosystems as Jumia, the continent's largest e-commerce company with 14 countries in business, is the first Africa-centric technology company to embark on NYSE or any major Global Exchange – and this novelty was put to use throughout the launch event.

Sign up for the Quartz Africa weekly report here for news and analysis on African business, technology and innovation in your inbox

Source link