Fleet management and telematics firm, Cartrack, has raised R510 million in a private placement of 60 million shares, and is ready to list on the main board of the JSE.
The group announced in a statement on Thursday (11 December 2014) that it issued shares at a price of R8.50, which translates to a market capitalisation of R2.55 billion for the Cartrack group.
Further, it said that it strategically placed shares representing 20% of the total shares in issue with a group of selected South African and international eligible institutional and retail investors.
The JSE has granted Cartrack a listing in the “Support Services” sector of the Main Board of the JSE under the abbreviated name “Cartrack” and share code: “CTK” with effect from Friday, 19 December 2014.
Cartrack is a Fleet Management, Stolen Vehicle Recovery and Insurance Telematics group with established operations in 18 countries across Africa, Europe and Asia.
The group has achieved annual growth rates in both revenues and net profit of over 20% in the recent years. As at 31 October 2014, the company had a subscriber base in excess of 400,000 units.
CEO Zak Calisto said that the JSE listing will position the group to achieve its growth ambition to introduce additional innovative products and further growth.