Leading fleet management, stolen vehicle recovery and insurance telematics group, Cartrack Holdings Limited, has successfully raised R510-million in a private placement of 60-million shares at an issue price of 850 cents per share.

This translates into a market capitalisation for the Cartrack Group of R2,55-billion at listing. Cartrack successfully and 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.

Zak Calisto, Global CEO of Cartrack, says “We are pleased with the outcome of the placement process. The placement was structured to achieve the appropriate balance between JSE listings requirements, the enhancement of the Cartrack brand and a share price that provides sufficient upside for investors. I believe that we have achieved all these objectives.”

“We have a solid track record of growth in subscribers, revenue and dividends. Cartrack looks forward to providing further growth opportunities in this exciting and fast-growing sector of the economy. The JSE listing positions us superbly to achieve our growth ambition to introduce additional innovative products and grow in the 18 countries in which we currently have established operations,” Calisto adds.