Cell C Holdings Limited (Cell C) today listed on the Johannesburg Stock Exchange (JSE) under the ticker CCD, marking a defining milestone in South Africa’s telecommunications landscape and opening a new chapter in the company’s journey.
The listing closed at R26.50 per share, valuing the business at approximately R9 billion with 340 million ordinary shares in issue. The offer included 102 million sale shares, raising R2.7 billion for the selling shareholder, The Prepaid Company (TPC), a subsidiary of Blu Label Unlimited Group.
The offer also included a further allocation of 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 c.R4.1 billion.
This milestone reflects the successful delivery of Cell C’s multi-year transformation strategy and reinforces the company’s position as a sustainable, competitive, and purpose-driven force in South Africa’s digital economy.
A Turnaround Rooted in Purpose and Performance
Over the past two years, Cell C has undergone a strategic reset centred on efficiency, customer value, and digital inclusion. The company now operates on a lean, asset-light model that has restored financial health and strengthened competitiveness.
The pro-forma financial position for the period ended 31 May’25 are as follows:
- Revenue: R13.7 billion
- EBITDA: R3.7 billion
- Net Income after tax: R3.5 billion
- Capex Intensity: c. 5.7%
- Debt reduced to 2.7x operating profit
- R2 billion in partner renegotiation savings unlocked.
“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’ve shown that purpose and profitability can coexist and win.” said Cell C CEO, Jorge Mendes.
Strengthened Market Position and Brand Momentum
Cell C today stands as a credible third force in a sector historically concentrated among two dominant operators.
The company:
- Earned joint #1 network reliability and #1 video experience (OpenSignal 2025)
- Ranked #1 in customer satisfaction (MyBroadband 2025)
- Recognised as a Top 30 Brand in South Africa (Kantar 2024)
Cell C’s capex-light model, leveraging access to c.28,000 radio sites (an increase from c.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 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 CFO, El Kope.
Driving Digital Inclusion and South Africa’s Economic Resilience
Cell C’s strategy is anchored in supporting South Africa’s broader socio-economic progress. With digital access now central to education, work, healthcare, entrepreneurship, and financial participation, Cell C plays a vital enabling role in the country’s economic salience and inclusive growth.
The company serves customers through:
- 7,900+ retail partners
- 100+ branded stores
- A fast-growing wholesale business
- A diversifying enterprise portfolio with other revenue streams to accelerate growth
Cell C’s operations are aligned with the UN Sustainable Development Goals, and the company aims to be Africa’s first net-zero carbon mobile operator, supported by an operating model that promotes infrastructure sharing and environmental efficiency.
Strong Governance and Shareholder Value Creation
The JSE listing enhances transparency, strengthens governance structures, and opens avenues for value creation for new and existing shareholders. Cell C has guided to pay 30–50% of free cash flow to investors as dividends, with the first payout expected in the near to medium term.
“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. “This milestone belongs to every stakeholder who has believed in Cell C and supported our journey.”
Looking Ahead
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. The company remains committed to driving innovation, empowering customers, and contributing to a more inclusive, competitive, and digitally enabled South Africa.
