Cell C's muted JSE debut

MARKET VALUE: STOCK OPENED AT R26.50 YESTERDAY, MATCHING THE FINAL OFFER PRICE → Long-awaited debut marks its first day trading independently.

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Mobile-network operator Cell C Holdings opened flat in its debut on the Johannesburg Stock Exchange (JSE), with the continent's top bourse on track for its best year for funds raised from initial public offerings (IPO) since 2017.

The stock opened at R26.50 yesterday, matching the final offer price, and rose to R26.99 by 9:07am, giving the telecommunications company a market value of R9.2 billion. The long-awaited listing marks the firm's first day trading as an independent business after years under Blu Label's ownership structure.

The listing is the "natural evolution" of Cell C's 24-year journey and gives the carrier access to capital markets for the first time in its history, CEO Jorge Mendes said.