Former Springbok legend’s private security giant headed to the JSE

The JSE is hoping that Fidelity Services, the biggest private security company in South Africa, will list on the exchange soon.

The private security giant, headed up by former Springbok player Wahl Bartmann, has been engaging with the JSE about a potential listing for a long time, but has waited for the local economy to be in a better place.

Therefore, the company’s intention to list on the JSE in the coming years is a positive signal of confidence in the South African economy.

This also comes as the biggest stock exchange in Africa is on track to have one of its best years on record, with local equities outperforming South Africa’s peers and more initial public offerings (IPOs) than the bourse has seen in years.

The latest JSE listing, Cell C, took place on Thursday, 27 November, which saw the mobile operator list with a market cap of around R9 billion.

JSE Head of Primary Markets Maurice Madiba told Daily Investor that Cell C and other IPOs in 2025, along with Fidelity and other major companies’ plans to list on the exchange, are a positive sign for the local economy.

Madiba said Cell C’s listing marks the JSE’s fifth listing in 2025, “which is exciting for us because it speaks volumes to the strength of South Africa’s capital markets and its resilience”. 

He said it was also a vote of confidence for the JSE, granted by the South African public and investors.

This confidence has been aided by the strong performance of local equities in 2025, with the JSE All Share Index posting a 42% return in US dollars for the year-to-date.

Madiba explained that the listing booms seen in 2024 and 2025, alongside the strong performance of South African equities this year, is a positive development for the JSE.

He added that the pipeline for future listings also looks very healthy, with some major companies set to list on the JSE in the coming years.

This includes a secondary listing for Coca-Cola HBC and the first-time listing of Bartmann’s Fidelity.

Fidelity’s listing

When asked about the timeline for Fidelity’s listing, Madiba said he always believes “the sooner the better” for all new listings.

He said Fidelity has been engaged with the JSE for a long time, and the bourse is looking forward to what the company’s listing would entail for South Africa.

Fidelity was started in 1957 when the company launched its cash solutions services, and has since grown to become the largest integrated security solutions provider in Southern Africa.

The group offers guarding services, home and business security, retail cash management solutions, cash-in-transit services, and fire security solutions, among others.

“They’re very big company, well-known, and yes, they’ve had their challenges, but they’re a company that signaled that they would want to be listed when the economics are right,” Madiba said.

“So them signaling their intention to list, appointing service providers and, advisors, corporate advisors, etc. is a vote of confidence that something’s going right in the country.”

Bloomberg recently reported that Fidelity had hired lenders to advise on an IPO on the JSE, with Absa, Deutsche Bank, Nedbank and Standard Bank working on the plan to bring the company to the bourse.

While the company has yet to provide details on an exact timeline and potential valuation, Madiba said Fidelity signalling its intention to list is a positive sign for the JSE and the wider economy.

“I think he’s now signaling that, yes, this is the right time, the economics are right in South Africa, the company is doing well and would like to be a listed brand on the Johannesburg Stock Exchange, which we welcome all the more,” Madiba said.

“Investors would also have interest in acquiring a business and having shares in a business of that nature, so it all comes down to valuation.”