India, June 12 -- Shares of Karooooo Ltd. (KARO) slipped over 16% on Thursday morning after pricing secondary offering at $50.00 a share.
KARO is currently trading at $49.85, down $9.67 or 16.25%, on the Nasdaq. The stock opened its trading at $50.00 after closing Wednesday at $59.53. The stock has traded between $25.80 and $63.36 in the past 52-week period.
Karooooo announced the pricing of an underwritten secondary public offering of 1.5 million ordinary shares held by Isaias (Zak) Jose Calisto, Karooooo's chief executive officer, at a price to the public of $50.00 per ordinary share for proceeds of about $75.0 million.
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The offering is expected to clo...