Cell C Holdings has listed on the JSE, under the ticker CCD, marking a defining milestone in South Africa’s telecommunications landscape and opening a new chapter in the company’s turnaround journey.

The listing closed at R26.50 a share, 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 Blu Label Unlimited Group subsidiary The Prepaid Company (TPC).

The offer also included a further allocation of about 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 about R4.1-billion.

“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 have shown that purpose and profitability can coexist and win,” said Cell C CEO Jorge Mendes.

He pointed out that the milestone reflected the successful delivery of Cell C’s multi-year transformation strategy.

Over the past two years, Cell C has undergone a strategic reset centred on efficiency, customer value and digital inclusion, with the company now operating on a lean, asset-light model that has restored financial health and strengthened competitiveness.

During the year ended May 31, revenue was R13.7-billion; earnings before interest, taxes, depreciation and amortisation reached R3.7-billion and net income after tax was R3.5-billion, while debt was reduced to 2.7x operating profit. About R2-billion in partner renegotiation savings was also unlocked.

“The separate listing allows Cell C to streamline its balance sheet, reinforce its growth strategy, and unlock long-term value. The business today is fundamentally stronger and more competitive than it was two years ago,” said Cell C CFO El Kope.

The company further pointed out that its capital expenditure (capex) intensity was 5.7%.

Cell C’s capex-light model, leveraging access to about 28 000 radio sites, an increase from 5 500 radio sites, serving 98.7% of the population, enables customers to connect to the strongest available network while freeing capital for innovation, service excellence and competitive pricing.

The JSE listing enhances transparency, strengthens governance structures and opens avenues for value creation for new and existing shareholders.

“As we step into this new era, our focus is on delivering sustainable returns while being an ally to our customers, employees, partners and investors,” Mendes added.

Cell C has guided to pay 30% to 50% of free cash flow to investors as dividends, with the first payout expected in the near to medium term.

“Cell C enters the JSE as a business fundamentally rebuilt - financially resilient, operationally efficient, and strategically positioned to accelerate growth in a rapidly digitalising society.”