African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5 billion, according to people familiar with the matter. Jumia\u2019s largest shareholder MTN Group Ltd. is planning to raise as much as $600 million from selling its shares through the IPO, said one of the people, who asked not to be identified as the information isn\u2019t public. MTN and Jumia declined to comment. MTN had been weighing a listing or private sale of its shares in Jumia, people familiar with the matter said last August. A U.S. IPO would catapult Lagos, Nigeria-based Jumia into the global spotlight after seven years of rapid growth across Africa, where it provides an Amazon.com Inc.-like service and has platforms in 13 countries. Jumia is a rare so-called unicorn in Africa - a private company valued at more than $1 billion - being one of only three, according to research firm CB Insights. The company was set up by French entrepreneurs Sacha Poignonnec and Jeremy Hodara in 2012 to take advantage of rising internet use in the world\u2019s least connected continent, as well as a lack of availability of items such as designer watches and sunglasses in Lagos stores. Internet Access Jumia will tell potential investors that two-thirds of Africa\u2019s 1.2 billion people still don\u2019t have access to the internet, providing plenty of potential for sales growth and profitability, said one of the people. Internet giants such as Alphabet Inc.\u2019s Google and Facebook Inc. are among those striving to extend connectivity to the more remote and poorer parts of the continent.\u00a0 MTN could be selling Jumia in New York at about the same time as an IPO of its Nigeria unit in Lagos, a move the carrier agreed to as part of a $1 billion regulatory fine in 2016. The latter will be done in two stages, with an introductory listing in the first half of this year followed by a sell down of its majority stake, Chief Executive Rob Shuter said on a recent call with investors. A successful listing of both Jumia and the Nigeria unit could help MTN reduce debt, which increased to 69.8 billion rand in June from 57.1 billion rand at the end of 2017. The rising liabilities and a dispute over non-payment of back taxes in Nigeria is weighing on the company\u2019s share price, which has fallen by almost a third in the last 12 months. The stock traded 0.8 percent lower at 85 rand by the close in Johannesburg on Friday, valuing the company at 160 billion rand ($11.8 billion). Other Jumia shareholders include Goldman Sachs Group Inc., Millicom International Cellular SA, Orange SA and Africa Internet Group, a venture backed by Goldman, MTN and Rocket Internet SE.