WeBuyCars officially lists on the JSE
WeBuyCars listed on the Main Board of the Johannesburg Stock Exchange (JSE) on Thursday (11 April) under the share code “WBC.”
Established in 2001, WeBuyCars, as the name suggests, is a buyer and seller of pre-owned vehicles, which was previously a complex and lengthy process.
The group has since grown to 2,800 employees, 15 supermarkets, 74 buying pods, and over 340 buyers nationwide.
In February 2024 alone, the group purchased 14,354 vehicles and sold 13,132 cars, with revenue for the month standing at R1.8 billion.
“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,” said Faan van der Walt, CEO of WeBuyCars.
Previous holding company Transaction Capital decided to list WeBuyCars to unlock shareholder value from its existing portfolio of companies after SA Taxi’s disappointing performance in 2023 severely hit the group’s share price.
“We are thrilled to welcome WeBuyCars to the JSE and excited to see a new listing for the year,” said Valdene Reddy, Director of Capital Markets at the JSE.
WeBuyCars is the second listing on the JSE this year, bringing the total number of companies listed on the bourse to 283 and a market cap of R18.4 trillion.
WeBuyCars is currently training at roughly R20 per share.
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