Benzinga | Mar 30, 2021 07:28AM EDT

Jumia Announces The Completion Of Its At The Market Offering

Jumia Technologies AG ("Jumia"), the leading pan-African e-commerce platform, announced that it has completed its "at the market" offering. All 8,962,961 ADSs offered by Jumia were sold at an average price of $38.90 per ADS, generating aggregate gross proceeds of $348.6 million. Proceeds, net of commissions and estimated expenses, are expected to be $341.2 million. Jumia intends to use the net proceeds from this offering for general corporate purposes.

On March 18, 2021, Jumia filed a prospectus supplement with the Securities and Exchange Commission for the sale of 8,962,961 ADSs through an "at the market" offering with Citigroup Global Markets Inc. as Jumia's agent.