Karooooo Ltd. Announces Launch of Initial Public Offering
Karooooo Ltd. has initiated a roadshow for its initial public offering (IPO), intending to issue 2,500,000 ordinary shares, while Isaias (Zak) Jose Calisto, the CEO, will offer an additional 1,500,000 shares. The underwriters may purchase up to 600,000 shares more. The offering price will be set post bookbuilding. Karooooo is applying to list on the Nasdaq under the symbol KARO. Morgan Stanley and BofA Securities are the lead managers for this offering. The registration statement has been filed with the SEC but is not yet effective.
- Launch of IPO for 2,500,000 shares, indicating potential capital influx.
- CEO's participation in share offering may signal confidence in the company's prospects.
- Listing on Nasdaq could enhance visibility and attract institutional investors.
- Shares offered may dilute existing shareholders.
- Market uncertainty regarding IPO effectiveness could impact initial stock performance.
SINGAPORE, March 22, 2021 /PRNewswire/ -- Karooooo Ltd. ("Karooooo") today announced that it has launched the roadshow for the initial public offering of its ordinary shares. Karooooo is offering 2,500,000 of its ordinary shares and Isaias (Zak) Jose Calisto, Karooooo's chief executive officer (the "Selling Shareholder") is offering 1,500,000 of Karooooo's ordinary shares. In addition, the underwriters of the initial public offering will have an option to purchase up to an additional 600,000 ordinary shares from Karooooo. The price per ordinary share will be determined following the bookbuilding process. Karooooo has applied to list its ordinary shares on the Nasdaq Global Select Market under the symbol "KARO."
Morgan Stanley and BofA Securities are acting as lead book-running managers for the proposed offering. William Blair is acting as book running manager, and Canaccord Genuity, Raymond James and Stifel are acting as co-managers for the proposed offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by email at dg.prospectus_requests@bofa.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Karooooo
Karooooo, headquartered in Singapore, is a leading global provider in the telematics industry that offers real-time mobility data analytics solutions for smart transportation. Karooooo serves customers in 23 countries across five continents, supporting more than 1.3 million subscribers as of February 28, 2021.
Media Contact
media@karooooo.com
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SOURCE Karooooo
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