Aug 20 Ireland's FleetMatics Group Ltd filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of its ordinary shares.
FleetMatics offers GPS fleet tracking software to small and medium-sized businesses that own fleets of commercial vehicles.
FleetMatics intends to use part of the proceeds to pay down debt, fund its marketing activities and for working capital needs, the company said in a filing with the U.S Securities and Exchange Commission.
The company, whose rivals include Trimble Navigation Ltd , plans to list its ordinary shares on the New York Stock Exchange under the symbol "FM."
BofA Merrill Lynch, Barclays Capital, RBC Capital, Stifel Nicolaus and William Blair are the underwriters for the offering.
The filing did not reveal how many shares the company planned to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.