Dublin firm Fleetmatics to IPO on New York Stock Exchange

5 Oct 2012

Dublin-headquartered fleet management technology firm Fleetmatics is to make its initial public offering (IPO) on the New York Stock Exchange, offering 7.8m shares at US$17 per share.

The flotation will raise around US$133m (€102m) for Fleetmatics.

The company’s low-cost web solution provides businesses with visibility into vehicle location, fuel usage, speed and mileage and other insights into their mobile workforces.

Fleetmatics serves 15,000 customers around the world and tracks some 250,000 vehicles.

Its technologies are sold and marketed under both the Fleetmatics and SageQuest brands.

The shares are expected to begin trading on the New York Stock Exchange on 5 October under the symbol “FLTX.”

Fleetmatics is offering 6,250,000 shares of common stock and selling stockholders are offering 1,562,500 shares of common stock. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,171,875 additional shares of common stock.

Barclays and BofA Merrill Lynch are acting as joint book-running managers for the offering. RBC Capital Markets, Stifel Nicolaus Weisel, and William Blair are acting as co-managers.

New York Stock Exchange image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years