Cell C Holdings (JSE:CCD) listed on the Johannesburg Stock Exchange this week, marking a significant step in the company’s multi-year restructuring programme. The shares closed at ZAR26.50 each, valuing the business at about ZAR9bn ($490mn) with 340mn ordinary shares in issue, according to the JSE listing disclosure.

Cell C Holdings is the holding entity that owns Cell C, South Africa’s fourth-largest mobile operator after Vodacom, MTN and Telkom.

The offer consisted of 102mn sale shares that generated ZAR2.7bn ($147mn) for The Prepaid Company (TPC), a subsidiary of Blu Label Unlimited Group. A further 54.2mn shares were allocated to Sisonke Growth Partners as part of Cell C and TPC’s empowerment commitments. Cell C said the total transaction value, including the capital raise and empowerment allocation, was approximately ZAR4.1bn ($223mn).

Chief executive Jorge Mendes said the listing supported the company’s move toward a leaner, more agile operating model. He noted that Cell C’s operational reset over the past two years had targeted efficiency, customer value and digital inclusion. These assertions reflect the company’s view and have not been independently assessed.

For the year ended May31, Cell C reported revenue of ZAR13.7bn ($746mn), EBITDA of ZAR3.7bn ($201mn) and net income of ZAR3.5bn ($191mn). The company said it had reduced debt to 2.7x operating profit and achieved about ZAR2bn ($109mn) in savings through renegotiated partner agreements. These figures are sourced from Cell C’s pre-listing financial disclosures.

Chief financial officer El Kope said the separate listing would strengthen Cell C’s balance sheet and support long-term value creation, describing the company as “fundamentally stronger” than two years ago. This reflects management’s assessment of Cell C’s position following a prolonged period of financial distress, several recapitalisation attempts, and a shift to an asset-light network model.

The company reported capex intensity of 5.7% and said its model provides access to about 28,000 radio sites compared with 5,500 previously, allowing customers to connect to the strongest available network. Independent analysts have previously noted that Cell C relies on roaming agreements with MTN and Vodacom, a structure common in South Africa’s competitive mobile market.

Cell C said the listing enhances governance, transparency and access to new pools of capital. The company has guided that 30–50% of free cash flow will be paid out as dividends once the balance-sheet stabilisation process advances, with the first distribution expected in the near- to medium-term.