Preowned-vehicle sales specialist WeBuyCars on Thursday listed on the main board of the JSE under the share code WBC.
The listing follows WeBuyCars’ unbundling from Transaction Capital, which also owns the struggling SA Taxi.
Transaction Capital announced earlier this year “that the separate listing was driven by WeBuyCars’ unique market positioning”.
Established in 2001, WeBuyCars has 2 800 employees across South Africa.
It buys and sells vehicles from 15 of its own ‘supermarkets', and has 74 buying pods nationwide.
Shares of the vehicle reseller opened at R20 a share.
“It has been an amazing journey that has culminated in a listing on the JSE,” says WeBuyCars CEO Faan van der Walt.
“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.”
WeBuyCars marks the second listing on the JSE this year, bringing the total number of companies listed to 283, with a market cap of R18.4-trillion.
The JSE has suffered a raft of delistings in the last few years – more than 20 in 2023 alone – with local investors opting to take their money abroad.