We advised Karooooo on its IPO and Nasdaq listing

Davis Polk advised Karooooo Ltd. and its subsidiary, Cartrack Holdings Limited, in connection with the $29.4 million initial public offering of 1,050,000 ordinary shares of Karooooo. Karooooo granted the underwriters an option to purchase up to an additional 157,500 ordinary shares of Karooooo to cover over-allotments, if any. The ordinary shares are listed on the Nasdaq Capital Market under the symbol “KARO.”

Founded in South Africa, Cartrack is a leading global provider of real-time mobility data analytics solutions for smart transportation. It offers a comprehensive, cloud-based smart mobility platform for connected vehicles and other assets. Cartrack serves customers in 23 countries across five continents, supporting more than 1.3 million subscribers worldwide.

Headquartered in Singapore, Karooooo is controlled by Isaias (Zak) Jose Calisto, the founder of Cartrack. Karooooo expects to complete a secondary listing on the Johannesburg Stock Exchange later in April as part of a corporate reorganization of the Cartrack group pursuant to a Scheme of Arrangement under the South African Companies Act.

The Davis Polk corporate team included partners John B. Meade and Roshni Banker Cariello and associates Heita Miki and Dylan H. Lojac. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Sarah E. Kim provided 1940 Act advice. Members of the Davis Polk team are based in the New York and London offices.