South African Mobile Operator Cell C Plans $413 Million IPO

South Africa mobile network operator Cell C Holdings Ltd. is planning an initial public offering in Johannesburg, the latest company to tap the African bourse’s capital markets amid a rally in shares.

The Prepaid Company Proprietary Ltd., the company’s controlling shareholder, which is owned by Blu Label Unlimited Group Ltd., plans to raise 7.2 billion rand ($413 million) from the offer, according to a statement on Wednesday. The proceeds will be used to pay down debt and issue a dividend to its shareholders.

At the start of this week the Johannesburg Stock Exchange had not held an IPO this ...