End of an era for 138-year-old company in South Africa
The Johannesburg Stock Exchange (JSE) has received regulatory approval for its simplification project, which aims to expand its listings following decades of decline.
Benjamin Wollan established the JSE in November 1887 as a way to raise capital for major gold projects.
The bourse is now the largest in Africa and is home to several of South Africa’s largest companies, including Naspers, Capitec, Harmony Gold and many more.
However, the bourse has faced challenges as companies increasingly opt for private ownership, and other companies avoid listing due to the associated costs.
In the 1990s, the JSE had over 850 listed companies, which dropped to about 400 by 2012 and now stands at fewer than 300.
As per its efforts to create an enabling listing environment and attract both local and international listings, the JSE announced a Simplification Project in 2023.
The project aimed to simplify the Listing Requirements by using plain language to record concise regulatory objectives, allowing for a better understanding and application of the requirements by listed companies, sponsors, and investors.
The simplification will also result in a significant reduction in the volume of the Listing Requirements.
The JSE also reviewed ways of cutting red tape where possible, while ensuring that listings still floor effective and appropriate levels of regulation.
The project has been amended following inputs from public comments, as well as the signing of the Companies Act in 2024 by President Cyril Ramaphosa.
The JSE has now received approval for the amendments to its listing requirements from the Financial Sector Conduct Authority (FSCA).
The changes take effect on 13 January 2026, with the current listing requirements being removed in their entirety.
The new version resulting from the Simplification Project will then replace the listing requirements.
The JSE stated that provisions and training schedules will be communicated before 13 January 2026.
Improvements are coming
Although the JSE has faced an increase in delistings over the last few years, there are already signs of improvement.
In 2024, the JSE saw the IPOs of several major companies, including WeBuyCars, Rainbow Chicken and Boxer, the last of which saw the largest IPO in years.
2025 also saw the arrival of fintech company Optasia and telco giant Cell C.
Speaking with Daily Investor, JSE Head of Primary Markets, Maurice Madiba, recently said that these listings speak volumes to the strength and resilience of South Africa’s capital markets.
The JSE’s wins over the last two years were partly due to its deregulation efforts, as well as the positive economic trajectory in South Africa.
The formation of the Government of National Unity in 2024 increased investor confidence, with the South African equity market being one of the best-performing in the world in 2025.
The 2025 boost was driven by gold and platinum miners, but investors do remain interested in the valuations seen across the market.
In addition to the JSE’s performance, South Africa was also removed from the grey list and received a credit rating upgrade from S&P in 2025.
Looking ahead, Madiba said this positive listing momentum is set to continue, with the JSE’s pipeline of new listings looking very healthy.
Coca-Cola HBC, Fidelity Services, Canal+ and the Tyme Group have all announced plans to list on the stock exchange in the coming years.
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