WeBuyCars, a South African pre-owned motor vehicle business, has made its debut on the Johannesburg Stock Exchange (JSE) with the share code WBC. The company aimed to raise approximately 7.8 billion rands (about $420 million) through the insurance of 417.1 million shares. The shares opened at $1.05 per share, higher than the initial public offering (IPO) price of $0.98 per share, indicating a total market capitalisation of $444 million at the open.
WeBuyCars acts as an intermediary for the sale and purchase of used vehicles, with plans to increase its monthly trading volume from fourteen thousand to twenty-three thousand by 2029. WeBuyCars anticipates leveraging its listing on the JSE for further growth opportunities.