JOHANNESBURG (Reuters) -South African mobile operator Cell C and The Prepaid Company (TPC) are targeting gross proceeds of up to 6.5 billion rand ($375 million) 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.
The offer price has been set in a range of 29.50 rand to 35.50 rand per share. The offer opened in the morning of November 13 and will close at midday on November 21, 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.
($1 = 17.3125 rand)
(Reporting by Nqobile Dludla; editing by Philippa Fletcher)
