Standard Bank has proudly served as Joint Bookrunner in the successful $75 million accelerated bookbuild (ABB) for Karooooo, a Nasdaq-listed global mobility solutions provider. The transaction involved a secondary share sale by Karooooo’s founder and CEO, Zak Calisto, and was met with strong demand from institutional investors, particularly in the US and UK, with the order book oversubscribed more than three times.
Following the offering, Calisto retains a 58% ownership stake in Karooooo, underscoring his continued commitment to the company’s long-term vision. The secondary offering was strategically designed to enhance liquidity and broaden the stock’s institutional investor base.
Standard Bank was the only African financial institution involved in this high-profile international transaction. As Joint Bookrunner, the bank played a pivotal role in generating long-only investor demand, helping to attract high-quality, long-term shareholders to the Karooooo register.
“Our ongoing support in broking the Karooooo story helped us bring in high-quality, fundamental demand for the ABB,” said Richard Stout, Head of Equity Capital Markets for South Africa and sub-Saharan Africa at Standard Bank. “This highlights Standard Bank’s ability to connect global capital to African success stories.”
Karooooo, through its flagship Cartrack platform, delivers mission-critical fleet management, mobility, and telematics solutions that enhance operational efficiency for businesses across multiple sectors. By supporting companies like Karooooo, Standard Bank reinforces its commitment to driving innovation, digital transformation, and economic growth across the African continent.
“We’re delighted to have helped new, long-term investors access the stock through the ABB and increase the stock’s profile,” Stout added. “This transaction has significantly improved Karooooo’s free float and liquidity, making it more accessible to institutional investors.”
Karooooo’s founder and CEO, Zak Calisto, praised Standard Bank’s contribution to the success of the offering:
Standard Bank’s delivery of high-quality, long-only demand was crucial to the transaction’s success, which closed more than three times subscribed. Their performance testifies to the quality of their global equity distribution capabilities.
This transaction not only strengthens Karooooo’s capital markets profile but also showcases Standard Bank’s growing influence in cross-border equity capital markets, particularly in connecting African enterprises with global investors.
