JOHANNESBURG (Reuters) – South Africa’s WeBuyCars and Transaction Capital have raised 902.7 million rand ($49 million) in capital, they said on Tuesday, ahead of the seller and buyer of used cars’ listing on the Johannesburg Stock Exchange on Thursday.
WeBuyCars sold 40 million shares for 750 million rand while its parent company Transaction Capital, an investment holding company, sold 8.145 million WeBuyCars shares for about 152.7 million rand following a book-building process. The shares were priced at 18.75 rand apiece, the companies said in a statement.
The final number of ordinary shares in issue as at April 11, the listing date, will be 417.2 million shares, WeBuyCars said, which at 18.75 rand per share implies a total market capitalisation of 7.82 billion rand for WeBuyCars.
From a family-owned business founded in 2001, WeBuyCars has grown into South Africa’s leading pre-owned vehicle trader, with a market share of between 10% to 12%. It buys and sells about 13,500 vehicles per month.
($1 = 18.4919 rand)
(Reporting by Nqobile Dludla; Editing by Emelia Sithole-Matarise)
