Noerr advises on capital increase of pan-African e-commerce provider Jumia

With a team led by Dr Julian Schulze De la Cruz and Anne-Kristin Schiller, Noerr advised the e-commerce company Jumia Technologies AG ("JUMIA") in connection with a capital increase and the successful "at-the-market" offering ("ATM") of American Depository Shares ("ADSs").

The total of 20,227,736 ADSs were sold based on a prospectus supplement which was filed with the Securities and Exchange Commission (SEC) on 6 August 2024. In total, the ATM generated aggregate gross proceeds before commissions and offering expenses of US$99.6 million. Jumia intends to use the proceeds for general corporate purposes, as well as to help to support its continued efforts around customer acquisition, expand its supplier base, scale its logistics network and improve marketing and vendor technology. The offering was conducted by RBC Capital Markets LLC and Berenberg Capital Markets LLC as JUMIA’s agents.

Jumia is a leading pan-African e-commerce platform, with operations across 11 African countries. It is the first African tech company to be listed on the New York Stock Exchange (NYSE). The holding company is a German stock corporation whose shares are securitized in the form of ADSs, each representing two new shares of JUMIA. The ADSs are traded on the NYSE.

Noerr advised Jumia comprehensively on all German law aspects of the capital increase and the ATM. The law firm has been advising Jumia since its foundation and has already advised the company on its IPO on the NYSE as well as on all previous financing rounds.

Advisor to Jumia: Noerr PartGmbB

Joint Lead: Dr Julian Schulze De la Cruz (capital markets law, partner, Frankfurt), Anne-Kristin Schiller (corporate law, associated partner, New York)

Capital markets law: Dr Holger Alfes (partner, Frankfurt), Dr Thomas Thies (senior associate, Frankfurt)

Tax law: Dr Martin Haisch (partner, Frankfurt)