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WeBuyCars debuts on JSE
11 Apr 2024
WeBuyCars made its debut on the Johannesburg Stock Exchange (JSE) today under the code "WBC". Established in 2001, WeBuyCars upended the used car market with clever marketing and massive presence. The company boasts 2,800 employees countrywide, operates out of 15 supermarkets, and has a network of 74 buying pods with over 340 buyers across South Africa.
WeBuyCars has listed on the JSE after unbundling from Transaction Capital
"Listing on the JSE marks a phenomenal journey for WeBuyCars," said Faan van der Walt, WeBuyCars CEO. "We're excited about the future, as this opens doors to enhance our brand, create liquidity for shareholders, and attract top talent."
The listing comes as part of WeBuyCars' unbundling from its previous parent company, Transaction Capital. This move reflects a growing trend on the JSE of companies pursuing unbundling to unlock growth potential and optimise valuation.
"We're thrilled to welcome WeBuyCars to the JSE and celebrate a new listing for the year," said Valdene Reddy, capital markets director at the JSE.
"Their decision to unbundle and list on our exchange showcases the strength of South Africa's capital markets and the JSE's role in supporting companies' expansion plans by providing access to a well-established equity market."
The JSE remains committed to positioning South Africa as a premier capital markets destination and fostering an enabling environment for listed and prospective companies. The exchange actively promotes its regulatory reforms to attract more dual listings and stimulate initial public offerings (IPOs).
JSE market cap raised
WeBuyCars is the second listing on the JSE this year, bringing the total number of listed companies to 283 and the overall market cap to R18.4trn.
Together, WeBuyCars and Transaction Capital raised R902.7m ahead of the listing.
WeBuyCars sold 40 million shares for R750m, while Transaction Capital sold approximately 8.15 million WeBuyCars shares for R152.7 million following a book-building process.
The shares were priced at R18.75 each, resulting in a market capitalisation of roughly R7.82bn for WeBuyCars.
From its humble beginnings as a family-owned business in 2001, WeBuyCars has grown into South Africa's leading used-car trader, capturing a market share of between 10% and 12%. The company currently buys and sells around 13,500 vehicles per month.
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