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South Africa’s WeBuyCars Launches on Johannesburg Stock Exchange
WeBuyCars, a popular pre-owned motor vehicle market, has been listed on the Main Board of the Johannesburg Stock Exchange (JSE) under the share code “WBC.”
Before listing, the 23-year-old company planned to issue 417,181,120 shares and targeted an R7.8 billion (~$420 million) raise as the shares initiated trading.
About WeBuyCars
WeBuyCars was established in 2001 and provides a quick, easy, and trusted solution to selling pre-owned vehicles. It fixed a once difficult, and stressful process.
Currently, WeBuyCars has 2,800 employees across South Africa. Also, the company buys and sells vehicles from 15 supermarkets, has 74 buying pods, and has over 340 buyers nationwide.
WeBuyCars’ CEO, Faan van der Walt, stated that the company plans to increase the volume of traded vehicles. It would increase from an average of 14,000 per month to 23,000 by 2029.
Furthermore, he said, “It has been an amazing journey that culminated in a listing on the JSE. We are excited about the road ahead, as the listing opens up many opportunities. Options such as enhancing our brand, creating liquidity for shareholders, and attracting staff are now open.”
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WeBuyCars Listing As A Result Of Unique Market Positioning
The listing comes as part of WeBuyCars’ unbundling process from its previous holding company, Transaction Capital. The Capital declared earlier this year that the separate listing was due to WeBuyCars’ unique market positioning. The action echoes a growing trend in the JSE’s Equity Capital Markets.
The popularity of the operations is a testament to their effectiveness in improving growth opportunities.
Valdene Reddy, Director of Capital Markets at the JSE, said, “We are thrilled to welcome WeBuyCars to the JSE and excited to see a new listing for the year. The company’s decision to unbundle and list on our exchange demonstrates the strength of the SA capital markets.”
It also demonstrates the JSE’s role in enabling firms to progress their expansion pursuits, facilitating direct access to a well-established equity market
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JSE To Promote South African Economy Growth
The JSE remains committed to revealing South Africa as a capital markets destination of choice. Also, creating an enabling environment for listed and prospective entities. The bourse continues to promote its regulatory reforms to attract more dual listings and stimulate IPOs.
According to Reuters, JSE declared that WeBuyCars will be the second company listed on the South African stock exchange in 2024.
The new listing brings the total number of companies listed on the JSE to 283, with a market cap of R18.4 trillion ( billion).
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