WeBuyCars, the used car business under Transaction Capital, commenced trading on the JSE, marking one of the first of 10 anticipated listings this year. Shares opened at R20/share, surpassing the initial public offering price of R18.75/share.
WeBuyCars Debuts on JSE Marks First Expected Listings
The debut of WeBuyCars follows a successful capital raise, with WeBuyCars and Transaction Capital securing R902.7 million ahead of the listing. WeBuyCars sold 40 million shares for R750 million, while Transaction Capital sold 8.145 million WeBuyCars shares for approximately R152.7 million.
With a market capitalization of R7.8 billion, WeBuyCars aims to expand its monthly traded vehicle volume from 14,000 to 23,000 within four to five years.
Walt Emphasized the Company’s Rapid Growth
CEO Faan van der Walt emphasized the company’s rapid growth, indicating that it warranted a separate listing.
Originally a family-owned business established in 2001, WeBuyCars has evolved into South Africa’s leading pre-owned vehicle trader, commanding a market share of 10% to 12% and facilitating the sale of approximately 13,500 vehicles monthly.
Amidst the upcoming listings, the market anticipates the debut of Coca-Cola Beverages Africa and other significant offerings, contributing to the rejuvenation of the JSE’s listing activity.
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