Nigerian online retailing company Jumia is preparing for a stock market listing this year in the U.S. at about $1.5 billion valuations.

Jumia said that its largest shareholder, South African mobile telecommunications company MTN Group Ltd., will bag as much as $600 million from selling its shares via the listing.

The company said that the proposed listing of Jumia will reduce its debt.

MTN had been weighing a listing or private sale of its shares in Jumia, which 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.