Africa’s first tech unicorn files for IPO on NYSE

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Jumia, Africa’s largest e-commerce platform, filed paperwork Tuesday with the Securities and Exchange Commission for an initial public offering on the New York Stock Exchange.

Wanting to one day be the Alibaba Group Holding Ltd.














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  of Africa, the Lagos, Nigeria-based Jumia said it would be the first African technology company to list on the exchange. Its most recent funding round in 2016, when Goldman Sachs Group Inc.














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  bought a stake, valued Jumia at about $1.2 billion, with that amount qualifying the company as the continent’s first technology “unicorn” in the lexicon of Silicon Valley.

Jumia has raised about $770 million from investors, which include French liquor-maker Pernod Ricard














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 , telecommunications company Orange SA














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 , South Africa’s MTN Group Inc.














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  and Germany’s Rocket Internet SE














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 .

Jumia has grown rapidly, with operations in 14 African countries since it was launched in 2012, selling products from Apple Inc.














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  computers and Huawei Technologies Co. smartphones to Procter & Gamble Co.’s














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  Pampers and Nike Inc.














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  sneakers. The company’s online marketplace has 81,000 active merchants.

An expanded version of this report appears on WSJ.com.

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