Cell C has confirmed the final details of its long-awaited listing on the Johannesburg Stock Exchange (JSE), a significant milestone in the telecommunications operator's recapitalisation and restructuring journey.
The public offer, which closed on 21 November, was priced at R26.50 per share. The sale of 102 million shares by The Prepaid Company (TPC) raised R2.7 billion, implying a market capitalisation of approximately R9 billion for the company. Trading the shares under the code "CCD" is scheduled to commence on Thursday, 27 November.
The transaction represents a full secondary sale, meaning the company itself did not raise new capital. A key aspect of the listing has been aligning the ownership structure with regulatory and transformation goals. A new empowerment vehicle, Sisonke Growth Partners, will acquire a 15.95% stake in Cell C.
Shareholder lock-up agreements are now in place, with TPC subject to a 360-day disposal restriction. Sisonke and its shareholders face a six-year lock-up, with limited disposals permitted only after the first 12 months.
Market Sentiment:
The successful pricing and R9-billion valuation ahead of Cell C's debut will be viewed as a vote of confidence in the telco's restructured future. The significant, long-term lock-up periods for major shareholders signal a commitment to stability, which should reassure investors. However, the market will be watching closely to see how the stock performs post-listing, as this secondary offer tests real investor appetite for a company emerging from a complex turnaround. The focus will now shift to Cell C's ability to execute its business plan and compete effectively in a challenging market to justify its valuation.
Disclaimer:
This content has been generated using AI technology and is intended for informational purposes only. While efforts have been made to ensure accuracy and relevance, this text should not be considered professional advice or an official statement. Always verify information from authoritative sources before making any decisions. This is not financial advice.
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