Jumia IPO Pops On First Day Of Trading For The Amazon Of Africa

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Jumia Technologies ( JMIA ), which has been referred to as the " Amazon ( AMZN ) of Africa," held its first day of trading Friday, with an initial public offering that popped more than 50%. XJumia offered 13.5 million American depository shares at $14.50, the midpoint of its estimated range. The companys e-commerce services are active in 14 countries that account for 72% of Africas gross domestic product. "We intend to benefit from the expected growth of e-commerce in Africa through the investments that we have made and the extensive local expertise that we have developed since our founding in 2012," Jumia said. Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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