Karooooo Ltd. (Cartrack)
| General Information | |
| Business: | (IPOScoop has No Call on this deal because it is an uplift to the NASDAQ from the Johannesburg Stock Exchange (JSE). The ordinary shares of Karooooo’s subsidiary, Cartrack Holdings Ltd., trade under the symbol “CTK” on the JSE.)
We offer a comprehensive, cloud-based smart mobility platform for connected vehicles, including electric vehicles (EVs). Our software-as-a-service (“SaaS”) platform provides our customers with differentiated insights and analytics to optimize their business and workforce, increase efficiency and decrease costs, improve safety, monitor environmental impact, assist with regularity compliance and manage risk. We were founded in 2001 in South Africa with an initial focus on stolen vehicle recovery in the region. We serve customers in 23 countries, supporting more than 1.3 million subscribers as of Feb. 28, 2021. **For the fiscal year ended Feb. 29, 2020, the company reported revenue of US$125.8 million and a profit of US$28.8 million.
(Note: Karooooo Ltd. priced its NASDAQ uplift “IPO” on March 31, 2021, at US$28 – well below its reference price of US$47.42 – on 1.05 million ordinary shares, less than half of the company’s proposed offering of 2.5 million ordinary shares – to raise $29.4 million. Just before the pricing, the deal was restructured to remove the selling shareholder’s portion of another 1.5 million ordinary shares. In the initial filing, the deal was sized at 4.0 million ordinary shares at the US$47.42 reference price, to raise an estimated US$190.08 million, according to SEC filings.)
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| Industry: | PREPACKAGED SOFTWARE |
| Employees: | 2776 |
| Founded: | 2001 |
| Contact Information | |
| Address | 10 Anson Road #12-14 International Plaza Singapore 079903 |
| Phone Number | +65 6255 4151 |
| Web Address | http://www.karooooo.com/ |
| View Prospectus: | Karooooo Ltd. (Cartrack) |
| Financial Information | |
| Market Cap | $598.64mil |
| Revenues | $125.8 mil (last 12 months) |
| Net Income | $28.8 mil (last 12 months) |
| IPO Profile | |
| Symbol | KARO |
| Exchange | NASDAQ |
| Shares (millions): | 1.1 |
| Price range | $28.00 - $28.00 |
| Est. $ Volume | $29.4 mil |
| Manager / Joint Managers | Morgan Stanley/BofA Securities/William Blair |
| CO-Managers | |
| Expected To Trade: | 4/1/2021 |
| Status: | Priced |
| Quiet Period Expiration Date: | Available only to Subscribers |
| Lock-Up Period Expiration Date: | Available only to Subscribers |
| SCOOP Rating | Available only to Subscribers |
| Rating Change | Available only to Subscribers |