Brett and Mark Levy’s Cell C lists on JSE at $537 million

Blue Label Telecoms, the South African technology group led by brothers Brett and Mark Levy, has completed the long-planned spin-off and listing of its mobile-network operator, Cell C Holdings Ltd., on the Johannesburg Stock Exchange (JSE).

The stock began trading on the Main Board under the ticker CELC, opening with a market capitalization of R9.2 billion ($537 million). The debut marks the first time the 24-year-old operator is trading as an independent company, after years under Blue Label’s control and several debt restructurings aimed at stabilizing the business.

Cell C’s transformation

Chief Executive Jorge Mendes said the listing reflects a new chapter for the operator. “We’ve cleaned up the balance sheet, we’re debt-free and on the front foot for the first time,” he said. Mendes added that Cell C sees room to grow across its retail, wholesale, and digital channels, supported by a larger store network and new commercial agreements.

The shares opened at R26.50 ($1.54), matching the offer price, and edged up to R26.99 ($1.57) in early trade. To ensure long-term stability and regulatory compliance, TPC, a subsidiary of Blu Label Unlimited and Cell C, has agreed to 360-day lock-ups, while the BEE vehicle will face a six-year lock-up with limited early disposals allowed. Prior to the offer, TPC held nearly 60 percent of Cell C.

Listing performance

Valdene Reddy, director of capital markets at the JSE, welcomed the company to the exchange, saying new listings help deepen the market and broaden investor options. With Cell C now publicly traded, its asset-light model will be watched closely as whether it can translate its roaming deals and distribution reach into steady profit and subscriber gains.

The move signals measured confidence from investors at a time when the JSE is heading for its strongest year of IPO fundraising since 2017, following recent listings such as Optasia Group in the fintech sector.

Blu Label and the Levys’ strategic move

The Levys spent years steering Cell C through a complicated cleanup after the operator struggled under heavy debt and rising competition. The IPO gives the business direct access to capital markets while giving existing shareholders a clearer valuation.

Cell C operates under an asset-light structure, relying on network-sharing and roaming agreements with MTN and Vodacom to extend coverage while keeping capital spending contained. It also supports a growing lineup of mobile virtual network operators tied to banks and retailers, including Capitec, First National Bank, and Shoprite.

Founded in 2001, Cell C has built a presence in prepaid, postpaid, enterprise, and wholesale segments. Its public debut comes as competition intensifies across South Africa’s telecom industry, and as more technology firms turn to the JSE to raise capital and unlock value for shareholders. Blue Label remains the largest shareholder following the listing, and the Levy brothers hold close to 19 percent of the company.