The ‘Amazon of Africa’ soars more than 75% on its first day of trading.
The largest e-commerce operator in Africa, Jumia Technologies, ended the day with its stock up more than 75.6% on its first day of trading at the New York Stock Exchange on Friday.
"The Amazon of Africa" has 4 million active customers as of the fourth quarter of 2018, the company said in its S-1 filing. Jumia operates in 14 African countries, including Ghana, Kenya, Ivory Coast, Morocco and Egypt.As of December 2018, the company has accumulated losses of nearly $1 billion. Similar to Amazon, its initial shareholders will have to be patient on the path to profitability.
The difficulty for e-commerce in Africa is for the sellers because of the inefficient infrastructure of the continent, Jumia CEO Sacha Poignonnec told CNBC's"Squawk Alley" on Friday. Poignonnec also said there's a big opportunity in Africa because so many people haven't yet experienced online shopping.
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