Karooooo drops as CEO to trim stake in secondary offering

Karooooo

24/07/2024 15:45

** Shares of software firm Karooooo Ltd  KARO.O  down 7.7%
at $32.59 early Weds as CEO to trim stake
    ** Singapore-based co early Weds launched $75 mln secondary
offering of shares held by CEO Isaias (Zak) Jose Calisto
    ** Prior to offering, Calisto owned 20 mln shares for 64.8%
stake
    ** Co has ~30.89 mln shares outstanding and ~7.72 mln shares
of public float, per LSEG
    ** UBS and William Blair leading the offering
    ** About 15k KARO shares have changed hands on the session.
Stock's 10-DMA volume is roughly 22k
    ** With move on Weds, shares up 34% YTD
    ** Co IPOd in Apr 2021 after selling 1.05 mln shares at $28

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))