Oct 5 Shares of FleetMatics Group Plc
rose as much as 36 percent on their debut, a day after the Irish
fleet management software provider priced its initial public
offering at the high end of its expected price range.
FleetMatics, whose rivals include Trimble Navigation Ltd
, offers GPS fleet tracking software to small and
medium-sized businesses that own fleets of commercial vehicles.
The company raised $133 million from its IPO by pricing 7.8
million ordinary shares at $17 each. It expected its IPO to be
priced between $15 and $17 per share.
The company had more than 16,000 customers deploying its
service in 281,000 vehicles as of June 30.
FleetMatics, the portfolio company of Investcorp SA
, sells its products under both the Fleetmatics and
BofA Merrill Lynch, Barclays Capital, RBC Capital, Stifel
Nicolaus and William Blair were the underwriters for the
Shares of the Dublin-based company were up 32 percent at
$22.43 in morning trading on the New York Stock Exchange. They
touched a high of $23.17 earlier.