South African mobile operator Cell C, in partnership with The Prepaid Company (TPC), is seeking to raise up to R6.5 billion through a share offering ahead of its planned listing on the Johannesburg Stock Exchange (JSE).
According to Cell C’s abridged pre-listing statement released on Thursday, the offering will consist of up to 173.4 million ordinary shares, with an additional 9.52 million shares available under an overallotment option. Together, these shares represent as much as 53.8% of Cell C’s issued share capital post-listing.
The offer price range has been set between R29.50 and R35.50 per share. The book-build process opened on the morning of November 13 and is scheduled to close at midday on November 21.
The share sale will be executed by TPC through a private placement to select investors prior to the listing. TPC is a subsidiary of Blue Label Telecoms, which currently holds a 53.57% controlling stake in Cell C.
As part of the transaction, up to 68 million shares will be allocated to a newly established empowerment ownership structure, with approximately R2.4 billion worth of shares earmarked for this initiative. This move underscores Cell C’s commitment to broad-based economic empowerment in South Africa.
