Zak Calisto offloads 75 million in shares to enhance Karooooos stock liquidity and widen its investor base, while retaining majority control of the company.
Calistos stake falls from 64.81 to 58, or 57.27 if underwriters fully exercise their option, but voting control remains secure through governance agreement.
Karooooos fiscal 2025 revenue grew 8.6 to 249.87 million, driven by Cartracks expanding subscription base across 25 countries in emerging and developed markets.
Africas newest billionaire Zak Calisto has launched a 75 million secondary public offering of 1.5 million personally held shares in Karooooo Ltd., the Nasdaq-listed mobility Software-as-a-Service SaaS company. The offering aims to boost Karoooooos stock liquidity, broaden the investor base, and allow Calisto to diversify a portion of his wealth.
Calisto trims stake, retains controlThe offering , priced at 50 per share, will trim Calistos controlling stake in Karooooo from 64.81 percent to at least 58 percent, or 57.27 percent if underwriters exercise a 30-day option to purchase an additional 225,000 shares. The underwritten placement is expected to close on June 13, 2025, subject to customary conditions.
The move comes just two weeks after Calisto was named Africas newest billionaire by Bloomberg , following a surge in his holdings value from 810.57 million to over 1 billion . The back-to-back gains have not only elevated his personal net worth but also cemented his position among South Africas most influential tech entrepreneurs.
Despite the divestment, Calisto will retain majority control of Karooooo as its founder and chief executive officer. Under a governance agreement, Juan MaraisKarooooos chief sales officer and beneficial owner of 10.52 percent of shares through One Spire Pty Ltd.has committed to voting his shares in line with Calistos instructions if Calistos stake falls below 51 percent to effectively safeguards Calistos influence over the company, even in the event of further dilution.
Strategic monetization backed by leading institutionsKarooooo, trading under the symbol KARO on the Nasdaq Capital Market, is not issuing any new shares and will not receive any proceeds from the transaction. However, it will bear the administrative costs of the sale, excluding underwriting commissions, which are to be covered by the selling shareholder.