Cell C secures R9-billion valuation ahead of JSE debut - Jorge Mendes — Cell C CEO Jorges Mendes unveiling the company’s new brand identity at a recent event in Johannesburg

Cell C has confirmed the final pricing and outcome of its long-awaited JSE listing, marking a major milestone in the operator’s recapitalisation and restructuring efforts.

The offer, which closed on 21 November, was priced at R26.50/share, raising R2.7-billion through the sale of 102 million shares by The Prepaid Company (TPC), part of the Blu Label Unlimited Group.

The offer implies a market capitalisation of about R9-billion, based on Cell C’s 340 million shares in issue. Trading in the company’s shares – under the code CCD – is scheduled to begin this Thursday, 27 November.

The transaction represents a full secondary sale, with no new capital being raised by the company itself. As previously reported, the overallotment option will not be exercised. The offer shares represent 30% of Cell C’s equity, with allocations now finalised for qualifying institutional investors.

A key focus of the listing has been aligning Cell C’s ownership structure with regulatory requirements and the company’s stated transformation commitments.

A new empowerment vehicle, Sisonke Growth Partners, will acquire 54.23 million shares, amounting to 15.95% of Cell C. This is complemented by empowerment flow-through ownership from TPC’s remaining stake (about 15%) and approximately 1% held through Cell C’s executive transfer scheme.

Lock-up

TPC has agreed to a 360-day lock-up, restricting any disposal of its remaining shares, while Sisonke and its shareholders face a six-year lock-up, with limited controlled disposals permitted after the first 12 months.

With the restructuring now fully concluded and the listing timetable locked in, Cell C is preparing for its debut on the public markets – a pivotal step as it positions itself for stability and renewed competitiveness in South Africa’s telecoms landscape.