S. Africa Mobile Firm Cell C Opens Flat in Muted JSE Debut
Cell C’s listing comes after a significant restructuring that converted debt to equity and cut the company’s leverage.
Photographer: Waldo Swiegers/BloombergSouth African mobile-network operator Cell C Holdings Ltd. opened flat in its debut on the Johannesburg Stock Exchange, with the continent’s top bourse on track for its best year for funds raised from initial public offerings since 2017.
The stock opened at 26.50 rand on Thursday, matching the final offer price, and rose to 27.30 rand by 9:44 a.m., giving the telecommunications company a market value of 9.3 billion rand ($543 million). The long-awaited listing marks the firm’s first day trading as an independent business after years under Blu Label Ltd.’s ownership structure.