Karooooo, a South African provider of vehicle fleet management software, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The company's operating subsidiary, Cartrack Holdings, is currently listed on the Johannesburg Stock Exchange under the symbol CTK, with a market cap of about $1.2 billion.
Operating in the $50+ billion global telematics market, Karooooo has customers in 23 countries, with more than 1.3 million subscribers. Its customers range from individual consumers to large enterprises including car rental agencies.
The Johannesburg, South Africa-based company was founded in 2001 and booked $126 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol KARO. Karooooo filed confidentially on November 25, 2020. Morgan Stanley, BofA Securities and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
