Cell C plans IPO for early 2020 in bid to raise funds
‘We are moving into media and content, and we have a strong fibre-to-home play,’ CEO Jose dos Santos says
Cell C is planning a share sale in Johannesburg by the first quarter of 2020, as SA’s third-largest wireless company seeks funds for acquisitions. The exact timing of an initial public offering (IPO) will depend on market conditions, CEO Jose dos Santos said in an interview on Tuesday. In the meantime, the carrier is looking at potential fibre-to-home deals to boost its internet and data-services businesses, he said. "The fundamental thing is that we raise additional capital," the CEO said. "We have some nice acquisitions that we are looking at. We are moving into media and content, and we have a strong fibre-to-home play." An IPO would represent a logical next step for Cell C, which emerged earlier in 2018 from a protracted debt-restructuring rescue plan that led to Blue Label Telecoms taking a 45% stake. Dos Santos has pledged to increase network spending and take the fight to larger rivals MTN and Vodacom, which dominate the telecommunications market.
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