Jumia’s IPO & Other Listings Heap Rocket Internet With USD 605 Mn Gravy
German e-commerce investor Rocket Internet has just revealed the amount of earnings it had from its startups’ IPOs for Q1 2019. After a majority of its largest startups went public, including Nigeria’s e-tailer Jumia, the incubator generated USD 60 5 Mn.
Rocket Internet Still Rocking
The shares in Rocket Internet rose to 3.3 percent in early Frankfurt trading. In a statement Thursday, the company said it now anticipated earnings, stripping out interest and taxes. It also expects depreciation and amortization to increase this year. The investor, however, did not reveal any numbers on these expectations.
Oliver Samwer, the CEO of Rocket Internet, said the company now has more capital ideas. On the sidelines of the firm’s annual general meeting in June, he said they are still open to creating new startups.
“We continue to pursue our core strategy of operationally developing new business models in the tech space,” he added.
It has also been revealed that Rocket Internet has incubated more startups. According to Samwer, the company has taken 15 new internet-based businesses under its wing since the start of last year.
Jumia And The Other Kids
You would recall that Nigeria-based e-commerce startup Jumia controversially went public on the New York Stock Exchange in April 2019. The Jeremy Hodara and Sacha Poignonnec-led company planned to raise USD 245.7 Mn from the sale. Nonetheless, the firm was able to scale through with a USD 190 Mn raise.
Home decor and furniture startups Home24 and Westwing Group executed their respective IPOs last year. July this year, Global Fashion Group went public on the Frankfurt Stock Exchange. The German incubator backs these companies.
Rocket Internet also said the same last year that it still takes interest in fintechs, software, artificial intelligence, and online marketplaces. Meanwhile, the company says it has not plans to go private.
Image Courtesy: Financial Times