Cell C sets offer price ahead of Johannesburg listing
Mobile operator Cell C and The Prepaid Company (TPC) are targeting gross proceeds of up to R6.5bn ($375m) from the sale of shares ahead of Cell C's planned listing on the Johannesburg Stock Exchange.
The offer comprises up to 173.4 million ordinary shares, alongside an additional 9.52 million shares available through an overallotment option, collectively representing up to 53.8% of Cell C's issued share capital post-listing, Cell C said in its abridged pre-listing statement on Thursday, 13 November.
The offer price has been set in a range of R29.50 to R35.50 per share. The offer opened in the morning of 13 November and will close at midday on 21 November, the statement read.
The sale of shares is being done by TPC via a private placement to select investors ahead of the listing. Cell C is majority owned by Blue Label Unlimited, which has a 53.57% stake in the mobile operator through its subsidiary TPC.
Cell C said the offer includes an allocation of up to 68 million shares to a new empowerment ownership structure, with approximately 2.4 billion rand worth of shares earmarked for the vehicle.
About the author
Reporting by Nqobile Dludla; editing by Philippa Fletcher