Cell C IPO: A Turnaround Story Comes to Market

For millions of South Africans, Cell C is more than a mobile network; it’s the calls, texts, and data that keep their lives moving, their businesses humming, and their connections alive. Now, after years of reshaping, refining, and reinventing itself, Cell C is stepping into the public spotlight.

Cell C to Move to the Main Board

Cell C is set to list independently on the Main Board of the JSE for the first time. Majority owned by Blu Label Unlimited Group Ltd, which provided indirect exposure, this standalone listing marks a major milestone in the company’s multi-year turnaround. By streamlining operations, strengthening governance, and reducing debt, Cell C presents a simpler, more transparent investment case.

Key IPO Dates

• IPO open date: 13 November 2025
• Closing date to participate: 8:00 AM on 21 November 2025
• Expected listing date: 27 November 2025
  
  

At a Glance: The IPO Essentials

• Who is Cell C? Proudly South African mobile operator with a lean, asset-light model.
  
  
• Network: Virtualized network, MTN/Vodacom roaming, MVNO leadership.
  
  
• Subscribers & financials:6 million subscribers; pro forma EBITDA of R3.7 billion (year ended 31 May 2025).
  
  
• Capital structure: Simplified operations, debt reduced, governance strengthened.
  
  
• Dividend policy: Targeting 30–50% of free cash flow; first dividend FY2027.

What Makes This IPO Different

1. Cleaner operations and governance
   Legacy debt has been reduced, shareholder loans unwound, and past operational complexities resolved. Independent directors have been appointed, and audit structures enhanced, creating a structure that is easier for investors to understand.
   
   
2. Lean, scalable network
   Cell C operates on a virtualized network supported by MTN and Vodacom roaming agreements. This asset-light model allows capital to focus on improving coverage, innovation, and service.
   
   
3. Positioned for potential growth
   With 7.6 million subscribers and a leading role in the MVNO sector, Cell C enters the market with a focused operational profile and improving financial performance, including a pro forma EBITDA of R3.7 billion for the year ended 31 May 2025.
   
   
4. Returning value to shareholders
   The board has adopted a dividend framework targeting 30–50% of free cash flow, with the first distribution expected in FY2027. Payouts remain flexible, balancing operational needs and capital requirements.
   
   
5. Shareholder implications
   Proceeds from the Cell C share sale flow to The Prepaid Company (Blu Label Unlimited Group Ltd subsidiary), reducing debt and setting aside funds for dividends, enabling Blu Label Unlimited Group Ltd to pay shareholders post-listing.
   

EasyEquities: Your Access

Retail investors can apply for Cell C shares via EasyEquities. You can read more about IPOs here.

If EasyEquities successfully secures an allocation in the Cell C offering, the available shares will be distributed among participating investors on a pro rata basis, with the final number depending on the allocation received.

On Cell C

Cell C is stepping into the market leaner, simpler, and more purposeful. Every call, every data session, and every small business transaction is a reminder of the network’s role in daily life.

For investors, this IPO is an opportunity to join a story of transformation, resilience, and strategic potential growth, one that touches the lives of millions.