De Lange points to a deal that recently moved the needle on this shift – the successful unbundling and listing of WeBuyCars. Shortlisted for Deal of the Year at this year’s Ansarada DealMakers Annual Gala Awards, he says this transaction is a testament to the JSE’s ability to facilitate value creation.

“It proves that listing remains a viable option despite growing economic complexities. The strong investor response and post-listing performance reaffirmed businesses can still find deep pools of capital on the JSE to support expansion and long-term growth,” says De Lange.

Revitalising the JSE: A commitment to business growth

Over the last few years, the JSE has introduced several key initiatives to improve market participation and enhance South Africa’s investment landscape. Logan Hufkie, a director at PSG Capital and shortlisted for Individual Dealmaker of the Year at this year’s DealMakers Awards for her roles in the WeBuyCars deal, as well as the Pan African Infrastructure Development Fund’s disposal of assets to Harith InfraCo, which was shortlisted for PE Deal of the Year at this year’s Ansarada DealMakers Annual Gala Awards, says the exchange has prioritised its Segmentation and Simplification Projects — Reforms designed to ease regulatory burdens and create an enabling listing environment.

“By cutting red tape and simplifying requirements, the JSE is rightfully eliminating unnecessary complexity and fostering greater market participation for businesses and for investors,” says Hufkie.

Beyond simplification, De Lange says segmentation initiatives have also been introduced to support the ease of raising capital and undertaking corporate actions by smaller companies while maintaining investor confidence through disclosure and appropriate safeguards.

By tailoring listing requirements to different company sizes and risk profiles, De Lange says the JSE is creating a more inclusive marketplace to better accommodate businesses at various stages of growth.

The significance for South Africa’s economy

Hufkie says the future is bright for business in South Africa: “The listing dream – where established businesses can access deeper pools of capital, private equity funds find their exit, and businesses realise their full potential – can clearly still be achieved. Yes, delistings have dominated sentiment in recent times, but I’m happy to see we have reached a turning point.”

She notes the resurgence of interest in the JSE is more than just a win for the stock exchange – it is a positive development for the entire country. “More listings on the JSE means increased investment opportunities for South African investors, to help such individuals build wealth and contribute to economic growth.”

Moreover, Hufkie says more businesses need to choose to list locally rather than find refuge in foreign capital. “We believe in the value and potential of ‘SA Inc’. We are reinforcing the notion that homegrown businesses can flourish on South African soil – the WeBuyCars listing, its share performance since listing and its initial distribution to shareholders is a tangible example.”

Importantly, this renewed momentum may also attract foreign investors looking for stable, well-regulated markets. Hufkie says the JSE’s efforts to reduce red tape and improve accessibility positions South Africa as an attractive investment destination, countering the prevailing sentiment around delistings and market exits.

Looking ahead, De Lange believes the JSE’s latest efforts are laying the groundwork for a stronger, more accessible market. By simplifying listing requirements, reducing red tape, and introducing segmentation strategies, the exchange is proving that South African businesses – whether small or established enterprises – can still find deep pools of capital at home.

“With a streamlined regulatory environment and a well-capitalised market, more companies will look to the JSE as a vehicle for growth, expansion, and capital raising,” says De Lange. “This will likely pave the way for more primary and secondary listings in the near future, helping to deepen South Africa’s investment ecosystem and strengthen the economy.”

De Lange concludes, “With these reforms, the JSE is not just adapting – it’s redefining its role as a catalyst for economic growth. As more companies rediscover the power of listing locally, South Africa’s capital markets are primed for a resurgence.”