Karooooo (Cartrack), a provider of vehicle fleet management software primarily in South Africa, raised $29 million by offering 1.05 million shares (100% primary) at $28, below the as-converted last close of Cartrack's shares on the JSE ($47.71). The company had previously planned to offer 4.0 million shares (62% primary).
Now headquartered in Singapore and 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.
Karooooo plans to list on the Nasdaq under the symbol KARO. Morgan Stanley, BofA Securities and William Blair acted as lead managers on the deal.
