- WeBuyCars has announced that it has been listed on the main board of the Johannesburg Stock Exchange (JSE).
- This latest chapter happened 23 years after WeBuyCars launched as a used car platform locally.
- You can find it listed on the JSE under the code WBC.
WeBuyCars has announced that it is now listed on the main board of the Johannesburg Stock Exchange (JSE).
The Transaction Capital-owned operation started off life as a used car selling platform 23 years ago, with this latest announcement being a significant chapter in its business. The company now has 2 800 employees across South Africa, buying and selling vehicles from 15 supermarkets, has 74 buying pods, and over 340 buyers nationwide.
Per TechCentral, WeBuyCars is listed under the share code WBC, and opened up at R20 per share, which is higher than the initial R18.75 per share it outlined beforehand.
The publication adds that Transaction Capital raised R902.7 million in capital earlier this week before today’s listing, with WeBuyCars selling 40 million shares for R750 million.
“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,” noted Faan van der Walt, CEO of WeBuyCars.
“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,” added Valdene Reddy, director of Capital Markets at the JSE, in a release shared with Hypertext.
It is also worth mentioning that WeBuyCars is 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 for the local exchange.
