Karooooo Ltd. (KARO) Prices 1.05M Share IPO at $28/Sh

April 1, 2021 3:07 PM EDT

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Karooooo Ltd. (NASDAQ: KARO) today announced the pricing of its initial public offering of its ordinary shares. Karooooo is issuing and offering 1,050,000 of its ordinary shares at an initial public offering price of $28.00 per ordinary share for total gross proceeds of approximately $29.4 million. In addition, the underwriters of the initial public offering have an option to purchase up to an additional 157,500 ordinary shares from Karooooo. The shares are expected to begin trading on the Nasdaq Capital Market on April 1, 2021 under the symbol "KARO." The offering is expected to close on April 6, 2021, subject to customary closing conditions.

Morgan Stanley and BofA Securities are acting as lead book-running managers for the offering. William Blair is acting as book running manager, and Canaccord Genuity, Raymond James and Stifel are acting as co-managers for the offering.

The offering is being made only by means of a prospectus.

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