Jumia, a Nigerian online shopping, logistics and payment services arm of German startup investor Rocket Internet, has filed for a New York initial public offering, which could value the firm at $1.6 billion or more.

U.S. investment bank and financial services company Morgan Stanley, peers Citigroup, Berenberg and RBC Capital Markets are leading the initial public offering.

In December, Jumia was valued at $1.6 billion with shares at 14.74 euros.

In 2018, the company’s revenues were $147.6 million up from $108.5 94 million the previous year.