South African used car platform WeBuyCars lists on the Johannesburg Stock Exchange
WeBuyCars, a prominent and recognised brand within the pre-owned motor vehicle market, established over 23 years ago, has listed on the Main Board of the Johannesburg Stock Exchange (JSE) under the share code "WBC."
Established in 2001, WeBuyCars provides a quick, easy and trusted solution to selling pre-owned vehicles – remedying a once difficult and lengthy process. As of today, WeBuyCars has 2,800 employees across South Africa, buys and sells vehicles from 15 supermarkets, has 74 buying pods and over 340 buyers nationwide.
“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 such as enhancing our brand, creating liquidity for shareholders and attracting staff” said Faan van der Walt, CEO of WeBuyCars.
The listing arrives as part of WeBuyCars’ unbundling process from its previous holding company, Transaction Capital, which announced earlier this year that the separate listing was due to WeBuyCars’ unique market positioning, echoing a growing trend in the JSE's Equity Capital Markets. The popularity of unbundling operations is a testament to its effectiveness in enhancing growth opportunities, valuation realisation, and capital allocation optimisation.
“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 and the JSE's role in enabling firms to progress their expansion pursuits, facilitating direct access to a well-established equity market” said Valdene Reddy, Director of Capital Markets at the JSE.
The JSE remains committed to showcasing South Africa as a capital markets destination of choice and to create an enabling environment for listed and prospective entities. The bourse continues to promote its regulatory reforms in order to attract more dual-listings and stimulate IPOs.
WeBuyCars marks the second listing on the JSE this year, bringing the total number of companies listed to 283 and a market cap of R18.4 trillion.
