Africa E-Tailer Jumia's Shares Fall 4 Percent Day After IPO Lockup Expiration

Shares of Africa-focused e-commerce company Jumia dropped 4% the day after the lockup period expired for its April IPO on the New York Stock Exchange.

The lockup provision prevents major shareholders -- namely those who purchased equity pre-public listing -- from selling their shares for a specified number of days following the IPO.

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