WeBuyCars of South Africa debuts on the Johannesburg Stock Exchange and aims for present and future growth.
Today, on Thursday, April 11, 2024, WeBuyCars, a prominent South African pre-owned motor vehicle business, made its debut on the Johannesburg Stock Exchange (JSE).
The company’s shares are listed under the code “WBC.” This move marks an important milestone for WeBuyCars as it enters the public market, signaling growth and potential opportunities for investors in the automotive sector.
WeBuyCars Debuts on The Johannesburg Stock Exchange
Today, on Thursday, April 11, 2024, WeBuyCars, a well-established South African pre-owned motor vehicle business, made its highly anticipated debut on the Johannesburg Stock Exchange (JSE). Prior to its listing, the 23-year-old company aimed to issue 417,181,120 shares and targeted a raise of approximately R7.8 billion (~$420 million).
As trading commenced, the shares of WeBuyCars opened at R20 per share, surpassing the initial public offering (IPO) price of R18.75 per share. This resulted in a total market capitalization of R8.34 billion (~$444 million) at the opening bell.
Faan van der Walt, CEO of WeBuyCars, expressed the company’s plans to significantly increase the volume of traded vehicles from an average of 14,000 per month to 23,000 by 2029.
WeBuyCars Services
Founded in 2001, WeBuyCars serves as a mediator for the sale and purchase of used vehicles. In 2023 alone, the company purchased 141,851 cars and sold 142,337. The listing on the JSE provides WeBuyCars shareholders with direct access to a market-leading asset, according to its parent company, Transaction Capital.
WeBuyCars Employs 2,800 Staff Across South Africa
Currently, WeBuyCars employs 2,800 staff across South Africa, operates in 15 supermarkets, runs 74 buying pods, and has over 340 buyers nationwide.
The CEO described the journey leading to the JSE listing as “amazing” and expressed excitement over enhancing brand dominance, creating liquidity for shareholders, and attracting new talents.
JSE’s Excitement in Welcoming a New Business This Year
Valdene Reddy, Director of Capital Markets at the JSE, expressed the exchange’s excitement in welcoming a new business this year. WeBuyCars becomes the second company listed on the South African stock exchange in 2024, bringing the total number of listed companies to 283, with a market cap of R18.4 trillion.
Looking ahead, reports indicate that the JSE is expected to list up to 10 more companies in 2024, including cannabis firm Cilo Cybin Holdings on April 12, Coca-Cola Beverages Africa later in the year, Pick n Pay Stores’ Boxer, and RCL Foods’ Rainbow Chicken business.
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