Karooooo Ltd. announced the pricing of an underwritten secondary public offering of 1,500,000 ordinary shares held by Isaias (Zak) Jose Calisto, the company's Chief Executive Officer. The shares were priced at $50.00 per ordinary share, resulting in total gross proceeds of approximately $75.0 million for the selling shareholder.
The offering is expected to close on June 13, 2025, subject to customary closing conditions. The underwriters also have a 30-day option to purchase up to an additional 225,000 ordinary shares from the Selling Shareholder at the public offering price. Karooooo itself is not selling any ordinary shares in this offering and will not receive any of the proceeds from the sale.
Following the completion of the offering, CEO Zak Calisto will continue to beneficially own 17,917,958 ordinary shares, representing 58.00% of the 30,893,300 ordinary shares issued and outstanding. The company will bear the costs associated with the sale of these shares, excluding any underwriting commissions, which will be borne by the Selling Shareholder.
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