Karooooo Limited, a Singapore-based mobility platform led by South African businessman Zak Calisto, announced the termination of the underwritten secondary public offering of ordinary shares.
The Offering, initially announced on July 24, 2024, aimed to improve liquidity for investors. Despite investor interest and oversubscription, recent market changes and their impact on the share price led to the decision to halt the Offering.
As a result, Karooooo will not sell any ordinary shares at this time. However, the Selling Shareholder retains the option to conduct an offering in the future when market conditions are better.
About KaroooooKarooooo, headquartered in Singapore, provides global software solutions in the telematics industry. The company offers real-time mobility and workforce data analytics to simplify decision-making for physical operations. Karooooo serves customers in 25 countries across five continents and supports more than 2 million subscribers as of May 31, 2024.
