Cell C makes strong JSE debut as shares rise 4% on first day of trading

CELL C Holdings debuted on the Johannesburg Stock Exchange (JSE) on Thursday, marking a defining milestone in South Africa's telecommunications landscape and opening a new chapter in the company’s turnaround journey.

- EDWARD WEST

The share price was seen trading 3.77% higher than the opening price, at R27.50 on Thursday midday, valuing the business at about R9 billion, with 340 million ordinary shares in issue.

The offer included 102 million sale shares, raising R2.7 billion for the selling shareholder, The Prepaid Company, which is a subsidiary of Blue Label Telecoms Group.

"This successful listing confirms our belief that a leaner, more agile operating model can compete effectively while keeping connectivity affordable for all South Africans. We've shown that purpose and profitability can coexist and win," said Cell C CEO, Jorge Mendes.

The offer also included a further allocation of 54.2 million shares to Sisonke Growth Partners as part of TPC and Cell C's commitment to empowerment. The total transaction value including the capital raise, and allocation to Sisonke Growth Partners was R4.1bn.