Cell C Holdings opens share offer ahead of JSE listing

CELL C Holdings' offer to qualifying investors has opened, with the JSE listing date for the South African telecom operator set for November 27, 2025.

- EDWARD WEST

CELL C, South Africa's fourth largest mobile network operator, plans to list on the JSE on November 27.2025.

(SIMPHIWE MBOKAZI Independent Newspapers)

The offer includes up to 173.4 million shares, along with an additional 9.52 million shares, which features an allocation of up to 68 million shares to a new empowerment ownership structure. The offer, representing 54% of Cell C's shares, opened on Thursday and will close on November 21, according to a pre-listing statement.

Proceeds from the listing are expected to reach up to R6.5 billion, which includes an allocation of shares valued at approximately R2.4 billion to an empowerment vehicle.

The market capitalisation of the listing is estimated to be between R10 billion and R12 billion, with the offer price range set between R29.50 and R35.50 per share.

This listing is made possible by Cell C's major shareholder, JSE-listed Blu (formerly Blue Label Telecoms), which aims to unlock value for Blu shareholders through the listing, provide Cell C with access to capital markets, increase the liquidity of its shares, and enhance the brand exposure of Cell C.