Africa’s e-Commerce giant, Jumia, just suffered its lowest plunge on the New York Stock Exchange. Posted by Ehijoshua (Jboss) on October 12, 2019 Get link Facebook Twitter Pinterest Email Other Apps Africa's e-Commerce giant, Jumia, just suffered its lowest plunge on the New York Stock Exchange.Early on Thursday, Jumia's shares began at $7.54, then by 2pm, the shares fell to $6.98 which is the e-Commerce company's all time low so far.Before the close of the day however, the shares picked up a bit to close at 35 cents down from the opening value at $7.19.Post IPO lockup period expiresBefore Jumia's public listing, a number of people had purchased equity as major shareholders during the initial public offering (IPO) .This set of people are prevented from being able to sell off their shares for a specified period of time – this is the IPO Lockup provision.After the expiration of the lockup period, Jumia did not have a major stock sell and so , naturally, their shares took a hit.Before and after IPO: the Jumia taleIn April earlier this year, Jumia made waves by being the first African tech startup to list in the New York Stock Exchange (NYSE). This move caused the company's shares to bloom by over 70%.When it listed, its share price was $14.50. This increased to a record $46.99, the highest for Jumia's shares so far.However, Jumia has experienced major lows in recent times. The latest being the significant drop in shares, a result of its shareholders not making a big stock sell after the lockup expiry period.In addition, there have been speculations that major investors may drop Jumia.Recently, the company was accused of fraud in its SEC filing and also made a public statement to admit that its staff had employed less than standard methods in some of their dealings.In its second quarter revenue growth report, the company recorded more losses this year than last year: 67.8 million euros as compared to last year's 42.3 million euros.A woman works at the packaging unit at a warehouse for an online store, Jumia in Ikeja district, in Nigeria's commercial capital Lagos June 10, 2016.REUTERS/Akintunde AkinleyeThe tale is not all sad however. Jumia increased its customer base to 4.8 million as compared to last year's number of 3.2 million over the same quarter.It's yet unclear if a turnaround is in sight but we hope that Africa's first tech startup company to list on the NYSE works out problems. how to tech Get link Facebook Twitter Pinterest Email Other Apps Comments Post a Comment FOLLOW US ON FACEBOOK: https://www.facebook.com/unitechsity:::. .::::::. .:::Share or Like this Post - if you Find it Informative and Cool… Thanks. Never miss any of my future post CLICK HERE TO SUBSCRIBE http://feedburner.google.com/fb/a/mailverify?uri=unitechsityOnce entered, you will have to check your inbox for a confirmation email containing a confirmation link. Once you VERIFY your email by clicking on the confirmation link in the message, you will never miss any future articles..