(Bloomberg) -- Transaction Capital Ltd.’s used-car business, WeBuyCars, gained on trading debut on the Johannesburg Stock Exchange, marking the start of a potential revival in capital market activity after years-long lull.

Shares of the used-car firm opened at 20 rand per share, above the initial public offering price of 18.75 rand a share, which implied a total market capitalization of 8.34 billion rand ($444 Million) at open. The stock traded at 20.50 rand by 9:46 a.m.

It’s the first listing at the JSE this year, after hosting just three companies in the past five years. In comparison, India had more than 50 IPOs just this year.

The JSE expects about 10 listings this year, including for cannabis firm Cilo Cybin Holdings Ltd. on April 12.

Read more: Africa’s Biggest Exchange Finally Sees Its IPO Crisis Easing

One of the more highly anticipated offerings is Coca-Cola Beverages Africa, later in 2024. This has been on ice for three years due to unfavorable market conditions and the plan is to have the stock trade on Euronext, with a secondary listing on the JSE. Bloomberg previously reported that it could be valued at as much as $8 billion. 

In addition, Pick n Pay Stores Ltd. has plans to spin off its discount supermarket chain Boxer, and RCL Foods Ltd. intends to carve out its Rainbow Chicken business. 

WeBuyCars is seeking to grow the volume of traded vehicles from about 14,000 a month, to about 23,000 within four to five years, according to Chief Executive Officer Faan van der Walt. 

“We have experienced rapid growth within WeBuyCars for a long period now,” he said in an interview. “It’s definitely large enough to merit a separate listing.”

(Updates with pricing in second paragraph.)

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